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.
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...