JAWS Spitfire Acquisition Corp. (NYSE:SPFR) announced in an 8-K filing today that its shareholders approved its combination with manufacturing firm VELO3D , but faced a fair share redemptions at a shareholder vote held earlier this morning.
A total of 18,215,868 shares were redeemed in connection with the meeting, removing 52.8% of SPFR’s trust which leaves just $162.8 million remaining. As a result, VELO3D agreed to waive the minimum cash at closing condition of $350 million in order to close the deal.
The transaction is expected to close on Wednesday, September 29. The common stock and warrants of New Velo3D are expected to begin trading on the New York Stock Exchange under the symbols “VLD” and “VLD WS”, respectively, on Thursday, September 30.
The parties originally announced the $1.6 billion combination on March 23. VELO3D manufactures advanced 3D printing machines for high-end engineering clients in aerospace, energy and other industries.
Holders of 31,119,125 ordinary shares were present in person or by proxy, representing around 72.16% of SPFR’s voting power. The business combination was overwhelmingly approved with 30,231,232 votes in favor of the proposal.
All other proposals related to the business combination were approved at today’s meeting. For a full list of tallies and proposals, click HERE.
- BofA Securities served as exclusive financial advisor to VELO3D
- Fenwick & West LLP served as legal counsel to VELO3D.
- Credit Suisse Securities (USA) LLC served as capital markets and financial advisor to JAWS Spitfire and as lead placement agent on the PIPE transaction.
- Kirkland & Ellis LLP served as legal counsel to JAWS Spitfire.
- BofA Securities served as a co-placement agent on the PIPE transaction.
- Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to the placement agents on the PIPE.