And they’re probably getting a PIPE…
Boxwood Merger Corp. (BWMC), which was scheduled to hold their special meeting for shareholders to vote on Boxwood’s combination with Atlas Intermediate, this Thursday, December 12th, has announced that it will be adjourning that meeting and rescheduling for January 9th, 2020. Boxwood has also moved the redemption deadline to January 7th, to coincide with the new vote date.
Additionally, Boxwood’s share price closed today at $8.60, which is usually indicative of a significant amount of impending redemptions when the share goes “ex-redemption”. Meaning, if you bought the share today, it would not settle in time for a shareholder to qualify to redeem at tomorrow’s redemption deadline. As a result, if a SPAC is not already trading above trust value, you will usually see some selling pressure ahead of those anticipated redemptions (you don’t want to be a holder if you think post-close the share will trade down significantly).
So with Boxwood’s close price today in mind, it was also mentioned in the 8-K that:
“Boxwood is in discussions with certain institutional and accredited investors to provide equity or equity-related financing in connection with the closing of the business combination, and the adjournment is intended to provide Boxwood with additional time to conclude such financing arrangements.”
This means Boxwood is getting a PIPE or some other form of a backstop to replace the cash from all of those anticipated redemptions. If it is to be a PIPE, we don’t know yet at what price, or how big, but any new investors are probably not going to want to be buyers at $10.00 after seeing today’s share price performance. At least not without some sweeteners to bring the effective price down significantly. However, it doesn’t necessarily have to be common shares either since it also says “or equity-related”. We’ll have to wait and see, but for now, Boxwood is a 2020 deal.
Stay tuned.


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