This afternoon, KBL Merger Co. IV (KBLM), released the details of their shareholder vote to approve moving their extension deadline from December 9, 2019, or April 9, 2020. The extension was approved, but KBLM had a heavy number of redemptions.
Per the 8-K, 3,676,448 public shares exercised their right to redeem at a price of $10.64 and as a result, approximately $39,121,811.98 was removed from the Trust Account. A total of approximately $11,857,136 will remain, however, the sponsors will be contributing $0.02 per share to the Trust, or approximately $22,285.34, for each additional month, with a maximum of four months, or $0.08 total.
KBLM now has until April 9th to close its deal with CannBioRx.
Proposal to approve the deadline extension: