AlTi Global (ALTI) Calls All Outstanding Warrants
by Nicholas Alan Clayton on 2023-05-05 at 10:27am

AlTi Global (NASDAQ:ALTI), the wealth and asset manager that combined with Cartesian Growth in January, announced this morning that it has launched an offer to exchange all outstanding warrants for 0.25 Class A shares each.

Holders have until midnight ET June 2 to accept the offer, but this deadline may be extended. AlTi stock is down about -31% since the opening bell, but this offer would have represented value of about $1.58 per warrant as of its last closing price and about $1.08 now.

AlTi warrants (NASDAQ:ALTIW) have already zoomed up +108% to match this, but are still trading at a slight discount around $1.02.

As has become standard practice, the company is also soliciting the consent of warrant holders to automatically exchange any warrants left outstanding at the end of the offer period for 0.225 shares, providing 10% less value.

Representatives of at least 65% of warrants must approve this change and the company has already received consents representing 36.7% of public warrants and 66.3% of private warrants approving the move.

The offer would eliminate a warrant overhang of 19,892,387 outstanding warrants, 10,992,453 of which are public and 8,899,934 private warrants. It is expected to generate an aggregate of up to 4,973,096 new common shares in the company.

AlTi Global recently changed its name from Alvarium Tiedemann following the closing of its $1 billion combination Cartesian Growth, which was initially announced in September 2021. The firm serves as an alternative asset manager to clients on four continents and has about $60 billion in assets under management.


ADVISORS

  • Oppenheimer & Co. Inc is serving as the dealer manager and solicitation agent for the offer.
  • Innisfree M&A Incorporated has been appointed as the information agent for the offer and consent solicitation.
  • Continental Stock Transfer & Trust Company has been appointed as the exchange agent.
Recent Posts
by Kristi Marvin on 2025-04-26 at 10:02am

Terms Tracker for the Week Ending April 25, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Everybody’s back in the pool. Two more SPACs filed this week while four others priced their IPOs. Additionally five SPACs announced their combinations, breaking the...

by Nicholas Alan Clayton on 2025-04-25 at 8:23am

At the SPAC of Dawn After a cheery string of good news indicators, futures remain green heading into the final trading session of the week. The final reading for consumer sentiments is to come at about 10 am, which will hopefully match the market’s recent mood. There is some time delay on this indicator, however,...

by Nicholas Alan Clayton on 2025-04-24 at 6:43pm

Inflection Point Acquisition Corp. III (NASDAQ:IPCXU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IPCXU”, Friday, April 25, 2025. The new SPAC aims to combine with a disruptive technology company in North America or Europe that is customer-focused and adaptable to...

by Nicholas Alan Clayton on 2025-04-24 at 5:11pm

Crane Harbor Acquisition Corp. (NASDAQ:CHACU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CHACU”, Friday, April 25, 2025. The Company’s primary focus will be to identify companies in the technology, real assets, and energy sectors. Crane Harbor’s management team is led...

by Nicholas Alan Clayton on 2025-04-24 at 11:59am

Flag Ship Acquisition Corporation (NASDAQ:FSHP) has entered into a definitive agreement to combine with Great Future under so far undisclosed terms. Transaction Overview Flag Ship has about $71.6 million in its current trust and has until September 20, 2025 to complete a business combination but may extend up to nine times for one month each...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved