Of Pure’s 20,700,000 outstanding Public Warrants, only 248,000 opted to Tender for $1.00 per Warrant, or just 1.2%. However, warrant holders will get another chance to tender their warrants once Pure announces their combination. Clearly, many opted to take the wait and see approach. After all, Pure could announce an attractive deal that pushes the warrant price much higher than $1.00.
Nevertheless, now that Pure has secured their new extension deadline of February 17, 2020, this team has four more months to bring back an acquisition. However, Pure did ask for just four months….not three months, not six months. If a SPAC has already announced their combination and needs more time, three months is generally what they ask for. Six months is usually used when teams are not close to announcing yet. But four months? Four months is enough time to announce and close an acquisition….if they announce this month. That extra month, on top of three, is key. So, could Pure be getting ready to announce something soon? We’ll have to wait and see…stay tuned.