FinServ Acquisition Corp. (NASDAQ:FSRV) announced in an 8-K filing that its shareholders approved its combination with fintech lender Katapult Holdings with minimal redemptions at a special meeting yesterday.
Just 6,338 shares were redeemed in connection with the vote, removing $63,696 from FinServ’s trust, marking another in a string of positive votes for SPACs reaching the finish line over the past month and a half. About 78.6% of shares participated in the vote and the combination was approved nearly unanimously.
The transaction is now expected to close on June 9 with with the combined entity’s shares and warrants commencing trading on the Nasdaq under the symbols “KPLT” and “KPLTW”, respectively on June 10.
The parties initially announced their $993 million deal on December 18. New York City-based Katapult provides point-of-sale (POS) lease-to-own options for ecommerce consumers buying durable goods.
Although all measures on FinServ’s ballot passed by wide margins, some corporate governance proposals received as many as 25% of votes against. For a full list of proposals and vote tallies, click HERE.
- PJT Partners is acting as financial advisor to Katapult.
- DLA Piper LLP (US) is acting as legal counsel to Katapult.
- Barclays is acting as financial advisor to FinServ.
- Kirkland & Ellis is acting as legal counsel to FinServ.
- Barclays and PJT Partners are acting as placement agents with respect to the private placement.
- Barclays and Cantor Fitzgerald are acting as capital markets advisors to FinServ.
- Paul Hastings LLP is acting as placement agent counsel.