Galileo Acquisition Corp. (NYSE:GLEO) announced in an 8-K filing this morning that its shareholders approved its combination with additive manufacturing firm Shapeways, albeit with high redemptions.
In connection with the special meeting held yesterday, 11,018,352 shares were redeemed, removing 79.8% of Galileo’s trust. This comes as somewhat of a surprise as Galileo has traded steadily above $10 since late July but opened $0.05 below its estimated pro rata trust value of $10.09 on the day of its redemption deadline, September 24.
The $75 million PIPE involved in the deal appears to have been just enough for the SPAC to maintain its $100 million minimum cash condition in the transaction. The deal is now expected to be completed today. The combined company’s shares and warrants are expected to begin trading on the NYSE under the symbols “SHPW” and “SHPW WS”, on September 30.
Galileo originally announced its $410 million combination with Shapeways on April 28. Shapeways provides a software platform for designers to have digitally-designed parts or products optimized and manufactured out of its Long Island City, NY facilities.
The business combination and all other measures on the ballot were passed by wide margins at the special meeting. For full vote tallies and descriptions of proposals, click HERE.
ADVISORS
- Stifel is serving as the exclusive financial and capital markets advisor to Shapeways and as sole placement agent to Galileo for the PIPE.
- EarlyBirdCapital is serving as financial and capital markets advisor to Galileo.
- Needham & Company and Craig-Hallum are acting as capital markets advisors to Galileo.
- Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP is serving as legal advisor to Shapeways.
- Ellenoff Grossman & Schole LLP is serving as legal advisor to Galileo.
- ICR is serving as investor relations and communications advisor to Shapeways.
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