Early this morning, Legacy Acquisition Corp. (LGC), released the details of their shareholder vote to approve their new extension deadline and 100% of the shares that voted, voted “Yes”. Additionally, only 694,820 shares elected to redeem. That’s pretty good. As a result, an aggregate of $7,108,742.34 (or approximately $10.23 per share) will be removed from the Company’s trust, leaving approximately $299.8 million. Post-vote, approximately 29,305,000 public shares will remain issued and outstanding.
Legacy now has until December 21, 2019, to complete their business combination. However, Legacy can extend for five additional 30-day periods to May 21, 2020. Legacy will make their first cash contribution to the trust account in an amount equal to $0.03 for each public share that was not redeemed, starting approximately November 21st, which was their previous deadline.
You can review the results of the vote HERE, but a summary has also been provided below.
The Extension Amendment: