Perella Weinberg Partners (NASDAQ:PWP) announced this morning that it is offering to exchange all outstanding warrants for 0.20 shares of company stock.
The move would issue 1,573,995 shares to warrantholders should all accept the offer. The company also aims to amend the company’s warrant agreement to require that all remaining warrants at the close of the offer be automatically converted to 0.18 shares at midnight on August 18. This represents a lesser value than if you tendered at 0.20 shares. However, in order to amend the warrant agreement, PWP will need 65% of outstanding warrants to vote in favor of the change and representatives of 45.9% of warrants have already indicated their approval. As a result, PWP only needs 19.1% of additional warrantholders to vote in favor.
The value in the offer should be fairly clear to warrantholders. Perella Weinberg’s 7,869,975 outstanding warrants outstanding closed yesterday trading at $0.7998 and company shares closed Thursday at $6.61. Therefore, gaining 0.2 shares each would net the holder about $1.322 per warrant. At the time of writing this, the warrant price has since jumped to $1.30.
Perella Weinberg closed its combination with FinTech IV in June 2021. It is a global M&A advisory firm that reported $151.9 million in revenue in the first quarter of 2022 for $20.5 million in adjusted net income.
At the SPAC of Dawn After a tepid month for SPAC activity in April, prominent teams are already scheduling things to make for some fireworks in early May. AltC (NYSE:ALCC) has already been turning heads as being the rare SPAC to trade significantly above trust value before close, and it has now booked the completion...
At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...