American Acquisition Opportunity Inc. (NASDAQ:AMAO) announced redemption results this afternoon as well as its new forward purchase agreement with certain accredited investors.
On Monday, March 21, AMAO held a special meeting to vote on three proposals after adjourning its meeting held on March 18. Of the 13,232,502 shares of common stock issued and outstanding and entitled to vote at Monday’s meeting, 11,206,316 shares, or 84.7%, were represented in person or by proxy.
The SPAC saw 8,943,317 shares redeemed for a pro rata portion of the funds in the trust account. As a result, 85.126%, or $90,334,512.92 at approximately $10.10 per share, of the trust will be removed to pay such holders.
As for the forward purchase agreement, AMAO also disclosed that certain Investors may each individually elect to sell and transfer to the Company via redemption on the earlier of the closing of the Company’s initial business combination and September 22, 2022 (the “Extended Date”) for an aggregate purchase price of $10.35 per share. They collectively hold 1,123,499 shares subject to the purchase agreements.
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