A quick update on today’s announcement from Brooge Holdings Ltd./Twelve Seas (BROG), that they intend to pay a $0.25 per share quarterly dividend. It’s become standard for more recent SPACs to include anti-dilution provisions for warrant holders in the event of a dividend issuance. However, the Twelve Seas prospectus does not explicitly have an anti-dilution provision. Instead, it says it “may” adjust, but it doesn’t appear that the company is “obligated” to do so. However, the “unconfirmed” word is, Brooge will adjust the warrant strike $0.50 per year. Still waiting on confirmation, but that will certainly make the dividend announcement more palatable than no adjustment for warrant holders. Especially since the dividend is intended to be a sweetener for “new” sector investors, not SPAC warrant holders. However, making sure warrant holders are happy certainly helps when heading to a completion vote. Stay tuned for further details.