Happy Hour Update: DFBH, LACQ, GIG, TMCX, STNL

Happy-Hour-4pm

Happy Hour Update: DFBH, LACQ, GIG, TMCX, STNL

Oct 15, 2019 INTEL by Kristi Marvin

It’s technically Taco Tuesday, but there were multiple filings tonight, so have a drink and soak in all the SPAC action.

In no particular order, the below is a round-up of current SPAC news.


DFB HEALTHCARE (DFBH)

DFB Healthcare Acquisition Corp. (DFBH) filed a new preliminary proxy tonight. A shareholder vote date has still not been set, but DFBH also filed an 8-K announcing a few amendements to their merger agreement with AdaptHealth.  Specifically:

  • Adapt and DFB have amended the merger agreement to eliminate the condition requiring DFB to have a minimum amount of available cash on hand to close the transaction, thus providing additional certainty of execution. The closing of the transaction is now subject only to customary closing conditions.
  • Deerfield and an affiliate of the sponsor have agreed to provide up to $125 million to the Company at the closing of the transaction in a private placement of common stock, a $25 million increase to the up to $100 million Deerfield originally agreed to purchase, depending on the exercise of redemption rights by the holders of DFB’s public shares.

Vote Date:  TBD
Record Date: October 15, 2019


LEISURE ACQUISITION CORP. (LACQ)

Leisure Acquisition Corp. (LACQ), filed a preliminary proxy this evening announcing they will be seeking a four month extension to their current completion deadline of December 5, 2019.  The new deadline would put their extended completion out to April 5, 2020.  As for a contribution to trust for shareholders who do not redeem, there is currently a blank space, so it would appear that is on the table, but as of yet, there is no set contribution amount.

Vote Date:  TBD
Record Date: October 18, 2019


GIGCAPITAL (GIG)

GigCapital (GIG), (because it wouldn’t be a Tuesday without at least SOME Gig news), filed an 8-K this evening, Gig essentially provided a handy outline of all the various contributions to trust, the notes associated with those contributions and a schedule of the ownership of the notes associated with the extensions.  We’re still waiting on a vote date, but GIG has been grinding out all the details leading up to it, so it should be set shortly.


TRINITY MERGER CORP. (TMCX)

Trinity Merger Corp. (TMCX) filed a new preliminary proxy this evening, with a record date of October 15th.  This is basically just a re-filing due to SEC comments – nothing new (at first glance) – however, since we now have a record date, the vote date should be close.  As a reminder, the completion deadline for Trinity is November 17th, so the vote should occur right around then (a day or two before).

Vote Date:  TBD
Record Date: October 15, 2019


SENTINEL ENERGY (STNL)

Sentinel Energy Services (STNL), filed a preliminary proxy this evening (finally) to extend their deadline from November 7, 2019 to May 31, 2020. HOWEVER, Sentinel did NOT include a contribution to trust for shareholders who do not redeem at the vote, so that either means an acquisition announcement is imminent and they are waiting to see the market’s reaction OR, they need to reduce the amount in trust via redemptions for a smaller than anticipated transaction.  There is a third possibility (but it’s highly unlikely)….they think investors are willing to giving them SIX more months without a contribution, which, ……no.  SPAC Investors are generally not keen on giving additional time (after already waiting 24 months) without additional funds to trust.

Vote Date:  November 6, 2019
Record Date: October 18, 2019

Stay tuned….

(One final note: No word yet on Opes Acquisition Corp. (OPES). They technically expire today unless they contribute funds to trust to extend another month.  However, as of now, there has been no announcement as to whether they will extend or not. As such, we are keeping OPES active on the site until we receive confirmation either way.

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