This afternoon, KBL Merger Co. IV (KBLM), released the details of their shareholder vote, held today to approve moving their previously extended deadline from April 9, 2020, to July 9, 2020. This was KBLM’s fourth deadline extension, but it was approved with a minimal number of redemptions.
Per the 8-K, 67,665 public shares exercised their right to redeem at a price of $10.77195 and as a result, approximately $728,884 was removed from the trust account. A total of approximately $11.3 million will remain.
Additionally, the sponsors previously agreed to contribute a maximum of $55,000 to trust each month for shareholders that did not redeem at today’s vote. Based on the number of shareholder left post-vote, that means that the sponsors will now be contributing approximately $0.05255 per month, or a total of $0.1577 if they need the full three months to complete their transaction.
KBLM now has until July 9th to close its deal with CannBioRx.