Today’s Monday Madness, in no particular order….
OPES ACQUISITION CORP. (OPES)
Opes Acquisition Corp. (OPES), filed a definitive proxy this evening filling in some of those blanks we’ve all been wondering about regarding their upcoming November 15th extension vote. However, we now know that OPES will be asking for two additional months to extend to January 15, 2020. Furthermore, the Sponsor will be contributing $0.0325 per share to the trust for shareholders who do not redeem. There is a remaining question though, which is, why only a two month extension? If you recall, Opes recently replaced most of their management and Board, so this is essentially a “fresh team”. So, is it possible for this new team to announce and close a transaction by January 15, 2020? Or do they already have something up their sleeve? Two months is a very short window to announce and close, but it is still possible. We’ll have to wait until post-extension vote to find out.
JUNIPER INDUSTRIAL HOLDINGS, INC. (JIH.U)
Juniper Industrial Holdings, Inc. (JIH.U), filed a new S-1 this morning with some changes to their forthcoming IPO. Namely, their previous time horizon of 24 months, plus an additional 3 months with a definitive agreement or LOI, has now been changed to just 24 months. Additionally, Juniper previously was able to remove up to $250,000 of interest per year to fund regulatory compliance requirements, but that has now also been removed. In the current terms environment, an extra 3 months time without a contribution and the removal of interest from trust was probably a hard sell. However, now that the terms have been revised, the runway should be clear for a pricing next week. However, there is a slight possibility they IPO on Thursday. Stay tuned.
PENSARE ACQUISITION CORP. (WRLS)
Pensare Acquisition Corp. (WRLS) filed their definitive proxy for their vote to extend their deadline to April 1, 2020. This is so Pensare has additional time to close their combination with Computex. The vote date is scheduled for November 26th, with a record date of October 30th and a redemption deadline of November 22nd. Pensare will not be offering any contribution to trust for shareholders who do not redeem at the vote. However, their current trust value is only $3.2 million, so this vote is mostly a formality.