Early this morning, Social Capital Hedosophia Acquisition Corp. (IPOA), released the details of their shareholder vote to approve their extension deadline and the results were as expected. IPOA now has an additional three months to close their combination with Virgin Galactic with a new deadline of December 18, 2019.
RESULTS
Per the 8-K, 3,771,178 Class A ordinary shares elected to redeem (at an estimated $10.367 per share), which resulted in $39.1 million being removed from the Trust Account. Furthermore, approximately 65,228,822 public shares will remain issued and outstanding, which means that the Trust Account is now currently estimated to hold $676.2 million, down from their estimated $715.3 million held in trust before the vote. As a reminder, IPOA did not offer any additional contribution to trust to extend those three months and instead will only continue to earn interest.
While the removal of $0.00 from trust would have been preferable, the loss of $39 million on a $715 million trust is only 5.0%. It’s not that bad. So now the real work begins as the IPOA/Virgin Galactic team move to close this deal. Let’s see what happens.
| FOR | AGAINST | ABSTENTIONS | BROKER NON-VOTES |
| 66,060,852 | 100,503 | 171,734 | N/A |
At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
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...