Constellation Alpha (CNAC) Releases Shareholder Vote Info
by Kristi Marvin on 2019-08-28 at 5:39pm

This afternoon, Constellation Alpha Capital Corp. (CNAC), released the details of their shareholder vote to approve their merger with Dermtech, Inc., and there weren’t any surprises.  The combination was approved with 4,218,390 “yes” votes and only 450,000 votes in the “no” column, however, 714,075 shares opted to redeem.  That left approximately 473,457 shares as the public float.

However, there are 1,437,500 rights shares that will be delivered at closing, which means the total number of shares outstanding for DermTech (post that rights shares delivery) will be 1,910,957 before the reverse two-for-one stock split.  If we factor in the reverse split, the public float will actually be 955,478, which is just shy of the 1 million needed to comply with Nasdaq’s listing standards.

However, Nasdaq had already issued a delisting notice AHEAD of the vote since CNAC did not comply with the minimum 300 public holders.  It’s a little unclear if a delisting will happen immediately or if CNAC will get to go through the appeal process since the new Nasdaq rules have only been around since August 5th. Perhaps the Nasdaq will give CNAC some wiggle room via the appeal process to comply.  However, the fact that CNAC did not provide new symbols in the 8-K for DermTech might mean that its a little unclear to CNAC as well.  In the meantime, the new symbols that were listed in the final proxy are DMTK and DMTKW for the shares and warrants, respectively.

Finally, CNAC said that they “expect to consummate the Transaction in the near term,” but an expected date was not provided.  Lots of question marks still out there on this de-SPACing.  Hopefully we get some clarity soon.

You can review the results of the vote HERE, but a summary has also been provided below.

 

Proposal to Approve the Business Combination:

 

FORAGAINSTABSTAIN
4,218,390450,0000
Recent Posts
by Nicholas Alan Clayton on 2024-03-28 at 1:35pm

News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...

by Nicholas Alan Clayton on 2024-03-28 at 7:47am

At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...

by Nicholas Alan Clayton on 2024-03-27 at 1:31pm

News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...

by Nicholas Alan Clayton on 2024-03-27 at 11:38am

Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...

by Nicholas Alan Clayton on 2024-03-27 at 7:33am

At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved