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.
RESULTS
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.
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...