Late this afternoon, Social Capital Hedosophia Acquisition Corp. (IPOA), released the details of their shareholder vote to approve their business combination with Virgin Galactic and the results were, for the most part, as expected. This combination was approved by shareholders, and the results are highlighted below, however, the language around the closing feels a little squishy. To wit, found in the 8-K: “Though not guaranteed, SCH expects to close the Business Combination on October 25, 2019, subject to customary closing conditions, and for the VGH, Inc. units, common stock and warrants to begin publicly trading on the New York Stock Exchange under the new symbols SPCE.U, SPCE and SPCE WS, respectively on October 28, 2019.” Typically, it is worded as, “It is expected that….”, so, “Though not guaranteed” feels a bit atypical.
Nonetheless, Social Capital Hedosophia did not release the details of their redemptions (if any), i.e., how many, at what price, etc., so we’ll have to wait for that information, but it seems very unlikely that this transaction would not close, regardless of language. This train has already left the station and been to a few stops already.
Post-expected closing on Friday, October 25th, it will be interesting to see what sort of IR/PR push is in store and where the share price trades given the recent gyrations in price. However, now that the shareholder vote is over and done with, this company is cleared for take off (pun intended), i.e., going forward is when we really get to see what more traditional investors actually think of this company.
Once additional information is published regarding redemptions and the new float count, an update will be published. In the meantime, you can find the vote results HERE and a summary below.
| FOR | AGAINST | ABSTAIN | BROKER NON-VOTES |
| 58,700,121 | 2,547,135 | 107,700 | N/A |
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...