This afternoon, Modern Media Acquisition Corp. (MMDM), released the details of their shareholder vote to approve their extension deadline to September 17, 2019, from June 17, 2019.
Per the 8-K, 13,350,654 shares of the Company’s common stock elected to redeem, however, a redemption price was not provided. Hence we don’t know exactly how much cash is left in trust. However, if we use the previously stated estimated redemption price of $10.46 per share, then we can assume $139,647,841 was removed from the trust. Additionally, MMDM also stated that approximately 6,581,665 shares of Common Stock will remain issued and outstanding. However, that also includes the sponsor’s promote, which is 5,175,000 shares. Therefore, using the same figure of $10.46, we can speculate that the trust currently holds $14,713,715.9, based on 1,406,665 public shares.
| FOR | AGAINST | ABSTAIN | BROKER NON-VOTES |
| 16,137,785 | 265,000 | 400 | 13,964 |
To sum up, $139.6 million is a significant amount of redemptions, but since MMDM did not offer any contribution to trust for the extension, we have to assume that they actually wanted shareholders to redeem. The existing Akazoo shareholders were previously stated to receive a cash distribution of up to $20 million, but that was contingent on the cash available in MMDM’s trust account, after the payment of transaction fees and expenses and any redemptions that exceeded $110 million. So either Akazoo is willing to accept a smaller cash payment, or MMDM is going to have to get a PIPE.
Either way, MMDM now has until September 17th to close this deal. Stay tuned.
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...
At the SPAC of Dawn As April’s sleepy month for SPAC news continues, there is only one special meeting on the docket to consider a SPAC deal approval, that being today’s vote on Pegasus Digital Mobility‘s (NYSE:PGSS) combination with equipment manufacturer Schmid. Three more SPACs are facing extension votes this week, including Pyrophyte (NYSE:PHYT), whose...
Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...