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:
| FOR | AGAINST | ABSTAIN | BROKER NON-VOTES |
| 6,940,780 | 516,323 | 0 | 0 |
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...
At the SPAC of Dawn Ever since Digital World announced its combination with Trump Media (NASDAQ:DJT) back in October 2021, it was clear that SPACworld and the Trump show were set to be intertwined for quite some time. And, although not every headline has a bearing on the wider SPAC world, Trump Media’s post-close rise...