B. Riley Principal Merger (BRPM)
Releases Revises Redemption Results Early
Remember how B. Riley Principal Merger Corp. released their redemption results two days early, ahead of the actual vote? (see original post below) Well, turns out there’s a reason most SPACs do not publish this number before all is said and done. That’s because BRPM has now revised their results. But it’s good!
If you look at BRPM’s 8-K12B filing (filed Friday under Alta Equipment Group Inc.), it says there were only 1,049,036 shares redeemed at a per share price of approximately $10.14. Previously, it was released that 1,453,762 shares were redeemed out of a total of 14,375,000 public shares. After confirming the revision with the powers that be that the new number is, in fact, correct, that means that rather than 10.1% of shares redeemed, the new result shows only 7.3% redeemed. An excellent redemption result.
Now that the de-SPACing is all squared away, keep in mind that Alta Equipment Group begins trading today under it’s new symbol – ALTG.
B. Riley Principal Merger Corp. (BRPM), which is scheduled to hold their shareholder vote to complete their combination with Alta Equipment Holdings, Inc., on Tuesday, February 11, 2020, released their redemption results early today, which is a refreshing change of pace. Usually we have to wait a week or so post-vote for that kind of information. However, the reason they were able to release results early is because the deadline to redeem BRPM’s share is two days ahead of their vote and specifically by 10:00AM today (Eastern Time).
And the results today are that 1,453,762 shares out of a total of 14,375,000 public shares were submitted for redemption, or less than 11% of the total public shares. That leaves 12,921,238 shares with an estimated $131.2 million in trust, assuming an estimated redemption price of $10.15 per share. This is a great result. However, we still have a vote to get through, but it’s really just a formality at this point. But it does mean, we unfortunately can’t technically move BRPM into the completed column just yet. We’ll have to wait a few more days for that.
However, for now, the BRPM team will most likely be starting Happy Hour a little early since they just got past the hardest part of the de-SPAC process. Cheers.
- 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