Importantly, just 17,372 shares were redeemed in connection with the vote, removing an insignificant amount from its trust. This makes sense as Apex traded above $12 throughout June 28, the day of its redemption deadline and closed Wednesday at $12.25.
Apex also dangled a somewhat odd incentive to shareholders to vote early, offering to donate $1 to non-profit Girls Who Code for each shareholder that voted by June 30 to a maximum of $100,000. A donation of that size seems rather doable for the team given the sums involved in the transaction, and many SPACs have set aside a portion of their promote shares to charity without conditions. In the end, 61% of shares participated in the vote whether for charitable purposes or not.
The parties initially announced the $1.7 billion deal on November 23. AvePoint provides data migration as well as document protection and recovery software that integrates with Microsoft 365 software for users ranging from small enterprises to the US State Department.
The deal was the third oldest SPAC transaction in the announced-but-not-yet-complete column behind Stable Road (NASDAQ:SRAC)’s combination with Momentus that hit regulatory speed bumps and Alberton (NASDSAQ:ALAC)’s tie-up with SolarMax, both of which were announced in October 2020.
For a full list of measures on Apex’s ballot as well as vote tallies click HERE.
- Evercore Group L.L.C. (“Evercore”) is acting as financial advisor to AvePoint.
- Citigroup Global Markets Inc. (“Citi”), Goldman Sachs & Co. LLC (“Goldman Sachs”), Evercore and Cowen Inc. are acting as capital markets advisors to AvePoint.
- William Blair & Company is acting as a financial advisor to Apex.
- Cantor Fitzgerald, L.P. is acting as a capital market advisor to Apex.
- Goldman Sachs, Citi and Evercore are acting as private placement agents to Apex.
- Cooley LLP is acting as legal counsel to AvePoint.
- Latham & Watkins LLP is acting as legal counsel to Apex.