B. Riley Principal Merger (BRPM) Announces Combination Approval
by Kristi Marvin on 2020-02-11 at 5:03pm

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.

FORAGAINSTABSTENTIONS
11,297,539485,8520

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

 

 

Recent Posts
by Nicholas Alan Clayton on 2024-03-28 at 1:35pm

News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...

by Nicholas Alan Clayton on 2024-03-28 at 7:47am

At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...

by Nicholas Alan Clayton on 2024-03-27 at 1:31pm

News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...

by Nicholas Alan Clayton on 2024-03-27 at 11:38am

Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...

by Nicholas Alan Clayton on 2024-03-27 at 7:33am

At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved