Tiberius Acquisition Corp. (TIBR), filed an 8-K this afternoon detailing the results of their shareholder vote, held earlier today, to approve their business combination with International General Insurance Holdings Ltd. (“IGI”), an A (Excellent) AM Best rated international specialist (re)insurer underwriting a worldwide portfolio through its presence in Bermuda, London, Amman, Dubai, Labuan and Casablanca. As you can see in the table below, the combination was approved with 15,657,512 shares in the “For” column and only 103,595 shares voting “Against” this transaction.
Additionally, in connection with this vote, A total of 7,910,076 shares of common stock were presented for redemption at a redemption price of approximately $10.43 per share, for an aggregate redemption amount of roughly $82,502,092.7. That leaves an approximate trust balance of $97.4 million. Given how volatile the markets have been this week, that’s a pretty good result.
Tiberius expects their combination to be completed on or about March 17, 2020, however, keep in mind that they have a back-up “extension vote”, to be held on March 19th, if they run into any delays at closing (paperwork or otherwise).
- RBC Capital Markets is serving as exclusive financial advisor to IGI.
- Freshfields Bruckhaus Deringer LLP is acting as legal advisor to IGI.
- Cantor and Dowling & Partners are serving as capital markets advisors to Tiberius.
- Cantor is serving as private placement agent to Tiberius.
- Ellenoff Grossman & Schole LLP and Lamson Dugan & Murray LLP are serving as legal advisors to Tiberius.