Proficient Alpha Shareholders Approve Lion Financial Combination
by Kristi Marvin on 2020-06-04 at 2:55pm

But PAAC also extended their deadline in order to close this transaction.

Yesterday, Proficient Alpha Acquisition Corp. (PAAC), held a double vote to approve both their business combination with Lion Fiancial Group Limited, and to extend their deadline so they could complete all the necessary paperwork.  If you recall, PAAC only had until June 3rd to complete the Lion Fianancial combination.  However, holding a vote and having it approved is not enough.  You actually need to close the deal before that deadline date to avoid a liquidation.  Hence the need for a double vote.  So while PAAC is technically “completed” via the vote, they still need to close, so are also still technically an active SPAC.

Nonetheless, per the press release, at yesterday’s vote 11,049,426 public shares exercised their right to redeem at an approximate price of $10.185 per share.  As a result, an estimated $112.54 million was removed from Proficient’s trust account with roughly $4.6 million remaining based on 450,574 public SPAC shares.

However, keep in mind that Proficient Alpha also included a right in it’s IPO unit, so those rights shares will convert at closing providing an additional 1,150,000 tradable shares to the float. As for an anticipated closing date, that wasn’t provided, but post-closing Lion Financial is expected to trade on the Nasdaq Capital Market under the symbols “LGHL” and “LGHLW,” respectively.

You can find the press release HERE.

 

Proficient Alpha Shareholders Approve Lion Financial Combination
Recent Posts
by Kristi Marvin on 2025-07-05 at 10:02am

Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...

by Nicholas Alan Clayton on 2025-07-03 at 12:54pm

Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2025-07-03 at 8:27am

At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...

by Nicholas Alan Clayton on 2025-07-02 at 12:13pm

McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...

by Nicholas Alan Clayton on 2025-07-02 at 8:29am

At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved