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.
| FOR | AGAINST | ABSTENTIONS |
| 15,657,512 | 103,595 | 200,000 |
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).
ADVISORS
- 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.
At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
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...