This afternoon, Jensyn Acquisition Corp. (JSYN), announced that they have closed their business combination with Peck Electric Co., a leading commercial solar engineering, procurement and construction (EPC) company. The combined company will be renamed named “The Peck Company Holdings, Inc.” (“Peck”), whose common stock is expected to be listed on The Nasdaq Capital Market under the symbol “PECK.”
Additionally, more than 87% of the issued and outstanding shares which voted were in favor of the business combination. However, as seems to be the current trend, no details were given as to how many shares redeemed or how many public shares remain. What we do know, is that since Jensyn had only approximately $6.2 million in trust ahead of the vote, this is sure to be another “low float” company post-vote (actually, it was low float going into the vote).
However, Jensyn’s SPAC unit did have Rights, and by now, you know what that means….get ready for some selling pressure. Nonetheless, this should not be another KERN situation (or PHUN, or ORGO, or HUNT…) all of which did not have Rights in their units.
Instead, PECK should trade more like RBZ and WINR, both of which did have Rights.
However, it should be noted that the Jensyn team never gave up. Their deal IPO’d back on March 2, 2016, over three years ago, and while they had multiple extensions (and redemptions) they actually managed to close a deal. Whether this deal “should” have closed is something else entirely, but their persistence is noted.
The transaction is expected to close on June 20, 2019.