Wealthbridge Acquisition Limited (HHHH), which held their shareholder vote today to complete their business combination with Scienjoy Inc., released the results of their vote via 8-K this afternoon. The good news is, this combination was approved. The bad news is, Wealthbridge did not provide any information regarding redemptions.
Since the redemption information was not included, we’re unfortunately going to have to wait a few days for that to be released. However, based on where the share price closed today – $8.90 – redemptions should be heavy. Keep in mind that Wealthbridge had a right included in its IPO unit, so there will be an additional 575,000 shares added to the float once those rights convert.
In the meantime, we do get to move another SPAC into the “completed” column. The actual closing will not happen for another couple of days or so, but once a SPAC is voted through, it’s safe to say this deal has one foot over the finish line.
- Chardan is acting as M&A and financial advisor to Wealthbridge.
- Loeb and Loeb LLP is acting as legal advisor to Wealthbridge.
- JunHe LLP, Fengyu Law Firm, and Maple Group are acting as the legal advisors to Scienjoy.