The SPAC’s brief press release did not lay out a new date for a renewed attempt, but noted that one will be announced “in due course.” It postponed an earlier meeting on May 18 and noted at the time that it had received sufficient votes to approve the deal, but not all closing conditions had been met.
The deal includes a $200 million minimum cash condition and its $107.5 million PIPE does not fully cover this, although North Atlantic also has about $380 million in trust. SPACs that have reached completion in 2022 have so far faced an average of 83.9% of shares redeemed, with May completion votes averaging 91%.
North Atlantic initially announced its $1.3 billion deal with Telesign last year on December 16. Marina del Ray, California-based Telesign provides security solutions through APIs, combining digital identity with global communications capabilities to help enterprises connect, protect and engage with their customers.
It recently announced its first quarter revenues reached $111.6 million for a 20.8% year-on-year growth rate and a gross profit margin of 22.3%.