KBL Merger Corp. IV (KBLM), filed a definitive proxy this evening for their upcoming extension vote on April 8th, to extend their deadline from April 9, 2020 to July 9, 2020. However, KBLM is offering a very, very attractive $55,000 per month contribution to trust for non-redeeming shareholders, which equates to, at a minimum (assuming no one redeems) $0.049 per share per month, up to a maximum of $0.099 per month…for three months.
So let’s assume the maximum amount of shareholders redeem and everyone who didn’t redeem is entitled to $0.099 per month. That means those shareholders are entitled to receive $0.297 total if all three months are needed for KBLM to complete their combination with CannBioRx. Which, in the current climate, an additional three months is not that out of the realm of possibility. There are only 1,114,267 SPAC shares left currently outstanding, but with a very juicy contribution to trust, this should definitely make any potential redeemers pause and reconsider.
One important note: in order to redeem you MUST be a shareholder of record, of which, the record date is March 12, 2020. So, if you bought KBLM’s shares and they settled after March 12th, you cannot vote and therefore, cannot be eligible to redeem.
Bottom line, preservation of cash is important and the Coronavirus is cashing in chits…going to make teams pay one way or another.
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...