On Tuesday, June 16th, LF Capital Acquisition Corp. (LFAC), held their shareholder vote to extend the SPAC’s maturity date by three months from June 22nd to September 22nd, to give them more time to find a target and close a deal. LFAC released their extension vote results today, showing only 13.5% of shareholders (2,089,939 out of 15,525,000) opted to redeem, bringing the cash in trust value down to an estimated $141.7 million. A good result.
For the remaining 13,435,061 public shares, management is contributing $0.03 per share to the trust for each of the next three months.
Of the 21 SPAC’s that are still searching or announced and trying to close their combinations, and have held an extension vote, 51.9% of public shares have opted to redeem, on average.
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