Black Ridge Acquisition Corp. (BRAC) just announced they are postponing their shareholder vote date. The original meeting date was scheduled for June 28th, but was then moved to July 22nd, after their one-month extension vote was held on July 9th. However, the July 22nd date is now going to be adjourned with a new date to be announced at a later time.
If you recall, that extension vote on July 9th allowed for Black Ridge to move their deadline to August 10th, however, the sponsors are only contributing $0.00659 to trust ($30,000) for those extra 30 days. So shareholders who didn’t redeem at the July 9th extension are probably not pleased they have to wait a little longer than July 22nd now. The good news is, there’s a hard stop on August 10th.
The reason for the adjournment is to “….allow BRAC more time to complete the conditions necessary to consummate the proposed business combination.” That’s a little vague, but could potentially mean additional backstops are forthcoming to secure the trust. Regardless, next week’s vote is off. Stay tuned for a new date.