Gordon Pointe Acquisition Corp. (GPAQ), filed a an 8-K this afternoon announcing that they are increasing the amount being contributed to the trust account for non-redeeming shareholders at it’s extension vote, to be held on March 30th, from $0.013 per share to $0.06 per share.
The deadline to exercise stockholder redemption rights was previously March 26, 2020, but in light of the additional contribution to the trust account, stockholders who previously exercised their redemption rights but who wish to revoke their redemption may do so by submitting a revocation in writing to Continental Stock Transfer & Trust Company, the Company’s transfer agent, prior to 4:00 P.M. on Monday, March 30, 2020 at the following address:
Continental Stock Transfer & Trust Company
1 State Street, 30th Floor
New York, New York 10004
Attn: Mark Zimkind
GPAQ’s extension vote is asking stockholders to approve a 45-day extension to May 14th, 2020, so this 45-day, $0.06 contribution, is equivalent to receiving $0.04 per share per month. That’s a pretty attractive contribution for getting to see what the world looks like a month and a half from now. Hopefully, conditions improve, but for now, this additional contribution is being made to blunt any redemptions due to the current market conditions.