Shareholders are set to vote at a special meeting at noon tomorrow, July 7, to extend the SPAC’s transaction deadline from July 7 to January 7, 2023. This is a necessary extension as tomorrow is also its current transaction deadline.
However, the SEC has still not approved BENE’s extension proxy which, in turn, means investors cannot redeem either until there is a definitive proxy on file. As a result, the redemption deadline had to be moved to today.
Benessere’s sponsor intends to contribute $0.033 per share monthly to its trust in connection with the vote. It saw 10.2% of its shares redeemed in an earlier extension in January 2021 and was forced to adjourn this vote due to low turnout on the first attempt.
This was likely due to a high proportion of retail ownership of the stock as the Benessere team’s sister SPAC, Digital World (NASDAQ:DWAC), announced the fervently anticipated Trump Media deal weeks before Benessere made its own deal announcement with green energy firm eCombustible.
Both of these transactions remain under SEC review, with Digital World’s announced about eight months ago and Benessere’s about seven. Miami-based eCombustible provides on-site hydrogen fuel supply to industrial clients.
Benessere traded a few cents below its pro-rata trust value throughout the day of its initial redemption deadline and is up 0.1% in early morning trading today.