VECTOIQ ACQUISITION CORP. (VTIQ)
Earlier today, VectoIQ Acquisition Corp. (VTIQ), held their shareholder vote to extend their completion deadline roughly 1.5 months, from May 20, 2020 to July 31, 2020, and to no one’s surprise, this extension was approved. However, what was very surprising is that 13,426 shares opted to redeem. This is despite the share price closing today at $27.10, even though the redemption price is approximately $10.38. That means those shareholders just left over $16.00 on the table. Was it a mistake? A misunderstanding? A middle finger? Who knows, but the redemption amount is small enough to be meaningless.
A redemption value was not provided, but if we assume it’s $10.38, only $145,000 was removed from trust leaving approximately $238.6 million.
VectoIQ will now be looking to close their transaction with Nikola Motors asap, with a combination shareholder vote currently scheduled for June 2, 2020. However, it looks like they asked for a little extra time, just in case, so their deadline has a cushion of July 31st.
The record date for the June 2nd vote is May 8, 2020.