Pensare Acquisition Corp. (WRLS) Releases Redemption Info

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Pensare Acquisition Corp. (WRLS) Releases Redemption Info

Jun 19, 2019 INTEL by SPACInsider

This morning, Pensare Acquisition Corp. (WRLS), released the results of their recent offer to let shareholders redeem in light of the changes to their trust contribution schedule.  According to their 8-K, a total of 18,361,687 shares opted to redeem at a per share price of $10.39.  As a result, approximately $190,777,928 was removed from Trust, leaving approximately $62,963,794 million.

If you recall, when Pensare previously announced their intention to change the contribution schedule, they also stated that, “The Company is currently in active discussions with a target company regarding a potential business combination that is anticipated to require an amount of funding less than the current balance of the Trust Account to consummate the business combination.”  The redemptions certainly helped that situation, but let’s hope $63 million is still not too much. Alternatively, if it’s too little now, they’ll have to go and round up a PIPE.

Regardless, as part of the new contribution schedule, the Sponsor agreed to contribute $0.033 for each Public Share that was not redeemed for each of June and July 2019, up to a maximum of $200,000 per month.  That meant, if more than 6,060,606 Public Shares remained outstanding after redemptions, then the amount paid per share would be reduced proportionately. HOWEVER, Pensare seems to have hit that number almost right on the nose because post this redemption, there are 6,060,038 Public Shares outstanding.  That means, the per share contribution amount for June and July will be $0.033.  Right on the money.

Let’s see what sort of combination Pensare has in store for the remain shareholders.  Stay tuned…

 

 

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