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.
| FOR | AGAINST | ABSTENTIONS |
| 5,485,024 | 0 | 0 |
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.
ADVISORS
- 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.
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...
At the SPAC of Dawn As April’s sleepy month for SPAC news continues, there is only one special meeting on the docket to consider a SPAC deal approval, that being today’s vote on Pegasus Digital Mobility‘s (NYSE:PGSS) combination with equipment manufacturer Schmid. Three more SPACs are facing extension votes this week, including Pyrophyte (NYSE:PHYT), whose...
Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...