After the Closing Bell: Allegro & Opes

after-the-closing-bell

After the Closing Bell: Allegro & Opes

Dec 23, 2019 INTEL by SPACInsider

It’s not Christmas yet…read below for this afternoon’s notable SPAC filings news.


ALLEGRO MERGER CORP. (ALGR)

Allegro Merger Corp. (ALGR), adjourned their shareholder vote (scheduled for today) to January 3, 2020, and made a few important changes to their proxy.  Notably, the sponsors will now be contributing funds to the trust to the tune of $0.02 for January (pro-rated) and $0.025 per share for shareholders who do not redeem for the months of February and March.  Allegro will be asking for a three month extension to March 31, 2020, for additional time to complete their proposed combination with TGIFridays. As is usually the case with an additional contribution of funds to trust, it minimizes the number of redemptions and protects the cash in trust. However, if a significant number of shareholders redeem even WITH a contribution, we can generally get a sense of how the combination vote will go.  Extension votes are sometimes tea leaves….let’s see what happens.

The record date remains the same, December 5, 2019, but the new redemption deadline is now December 31, 2019.


OPES ACQUISITION CORP. (OPES)

Opes Acquisition Corp. (OPES), filed a preliminary proxy this afternoon to further extend their deadline from January 15th to a date yet-to-be-determined.  However, while there are still many blanks in the preliminary proxy, there are spaces for a contribution to trust for non-redeeming shareholders. These blanks will be updated in either an amended preliminary proxy or a definitive proxy, but most likely within the next week or so in order to make it to the January 15th vote date.  However, we do know the record date has been set for tomorrow, December 24, 2019, and the redemption deadline will be January 13th, 2020. Once additional information becomes available, an additional update will be provided.

 

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