Early this afternoon, Tenzing Acquisition Corp. (TZAC), released the details of their shareholder vote to approve moving their extension deadline from February, 2020 to May 26, 2020, or June 23, 2020, if they need to extend an additional 30 days further. And the results were as expected. Approximately 595,886 shareholders opted to redeem, or 9.4% of it’s public shares heading into the vote.
Per the 8-K, 595,886 of the Company’s shares elected to redeem at a price of $10.52 share, which resulted in $6,268,795 being removed from the Trust Account. Furthermore, approximately 5,729,114 public shares will remain issued and outstanding, which means that the Trust Account is now currently estimated to hold $60.3 million, down from their estimated $66.5 million held in trust before the vote.
Additionally, the Company’s Sponsor will be contributing $567,182.29 to the trust, or $0.099 for each public share that was not converted in connection with the Extension. Furthermore, if the Company needs an additional 30 days beyond May 26th, it will contribute $0.033 per public share to the trust to extend to June 23, 2020.
Tenzing now has three more months with a bonus 30 days if it needs it. Let’s see what they can do.
You can review the results of the vote HERE.