B. Riley Principal Merger Corp. (BRPM), which held their shareholder vote this morning, announced this afternoon the shareholder approval of their business combination with Alta Equipment Holdings, Inc.
The business combination is expected to close on February 14, 2020, upon which the Company will be renamed Alta Equipment Group Inc. Shares of the Company’s common stock are expected to begin trading on the New York Stock Exchange under the ticker symbol “ALTG” on February 18, 2020.
As you can see below, 4.1% of voting shares (485,582) voted against the transaction, with 95.9% voting “for”. Regardless, the more meaningful number for modern SPACs is the redemption amounts and BRPM previously released that information on Friday. At that time, it was revealed that only 10.1% of BRPM shares opted to redeem, leaving approximately $131.2 million cash in trust – a good result.
Additionally, Alta’s previously announced acquisitions of Liftech Equipment Companies, Inc. and FlaglerCE Holdings, LLC are expected to close concurrently with the completion of the business combination.
BRPM/Alta marks the sixth SPAC to close in 2020. We’re off to a good start this year.
| FOR | AGAINST | ABSTENTIONS |
| 11,297,539 | 485,852 | 0 |
ADVISORS
-
- B. Riley FBR, Inc. is acting as the exclusive placement agent to BRPM
- Winston & Strawn LLP is acting as legal advisor to BRPM
- KPMG is acting as financial advisor to Alta
- Howard & Howard is acting as legal advisor to Alta
At the SPAC of Dawn The results are in for the first of yesterdays’ two big completion votes, and it appears set to finish with one of the best redemption results of any completion vote over the last two years. Only two SPACs have gotten all the way through their de-SPACing process since January 1,...
Rare earth miner Critical Metals (NASDAQ:CRML) dropped a new presentation today, providing its most significant update since completing its combination with Sizzle in February. The document points to 2024 being a potentially pivotal year for the firm as it cleared major development hurdles in getting preparing the ground for its Wolfberg lithium mine in Austria,...
At the SPAC of Dawn Today is the busiest day for SPACs in at least a month as three SPACs will hold extension votes and three more are seeking deal approval. Those completion votes will each bear watching and they include two of the most prominent deals of the past six months. Screaming Eagle (NASDAQ:SCRM)...
Some renewed hope around a 2024 rate cut propelled several stocks skyward in late Monday trading, and a large number of the day’s biggest gainers are tech-focused recent de-SPACs. The biggest one-day gain among de-SPACs late in the trading day is the +51.4% held by software firm XBP Europe (NASDAQ:XBP), which spun out from Exela...
Metals Acquisition (NYSE:MTAL) has begun an exchange of all outstanding warrants, offering holders up to 0.361 shares per warrant on a cashless basis or $0.10 per warrant if they so choose. The cashless option provides significantly more value as Metals last closed at $12.85, meaning warrants converted under that ratio would be worth about $4.63...