Mosaic Acquisition Corp. (MOSC), announced earlier this morning that ahead of its scheduled shareholder vote to complete its combination with Vivint Smart Home, they have waived the closing condition relating to the number of redemptions of public shares of Mosaic Class A common stock.
Currently, it is a condition to the merger that the number of redemptions does not exceed 10,350,000 shares. However, Mosaic also announced that based on requests for redemptions to-date, they’re probably going to exceed that. By how much, we don’t know. Could be a little, could be a lot. But regardless, Vivint has agreed to waive that condition so the transaction can be completed. Keep in mind that Mosaic has already arranged for a number of investments and forward purchases so that they have $790 million in net cash proceeds at closing, regardless of how many investors opt to redeem.
Mosaic’s vote is scheduled for tomorrow, January 17th, so it looks like its full steam ahead. Hopefully we get vote results tomorrow, rather than next week, so stay tuned.