Hunter Maritime, which is currently in the process of trying to complete their business combination with NCF Wealth Holdings Limited, announced that they have commenced a tender offer to purchase up to 2,173,750 of its Class A common shares at a purchase price of $10.215 per share. The Tender Offer will expire at 5:00 p.m. New York City time on March 15, 2019, unless extended or terminated.
As a refresher, Hunter is domiciled in the Marshall Islands, but they are also classified as a “Foreign Private Issuer (FPI). As such, an FPI cannot do a vote by proxy, they must do a vote by tender offer, per the FPI rules. However, the amount for the Tender Offer is a little curious. If you recall, at the time of the last Tender Offer to extend their completion deadline to April 23rd (which was offered at $10.125 per share), Hunter stated they would be contributing $0.03 per share for every month needed, starting on November 23rd. Since then, Hunter has contributed an additional $0.09. Hence, this is why they are offering shareholders to Tender at $10.215 ($10.125 + $0.09).
However, what about all the interest? According to our estimates, the current amount per share (including interest) in Hunter’s trust is $10.24. Potentially $10.25 by March 15th, when the Tender offer expires.
As we well know by now, Hunter’s prospectus allows management to use any interest earned for working capital. But by not offering shareholders some of that interest at the time of a Tender….well, that’s what got them into a whole big mess at the first go-around.
Stay tuned.
Terms Tracker for the Week Ending January 31, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This past week saw three new SPAC IPOs price, bringing the January and year-to-date IPO count to eight and underlining an active start to 2025....
The shortest month of the year nonetheless features new liquidity events for nine SPAC sponsors and 10 de-SPACs that at least a trio of which can be excited about. The de-SPACs being released from lock-ups this month with most to gain will also in most cases be the ones that will have to wait until...
Fifth Era Acquisition Corp I (NASDAQ:FERAU) has filed for a $200 million SPAC to potentially make another run at a blockchain or crypto transaction after the team’s first attempt fell short of sealing a deal. The new SPAC is offering investors a right to a 1/10 share in each unit, but it is not overfunded...
At the SPAC of Dawn It’s a handy trick to be able to tell the market you’re undervalued and have it respond by doubling your market cap on the day. That is roughly what went down yesterday with retail technology firm Alpha Modus (NASDAQ:AMOD) yesterday. Its CEO William Alessi took to a press release to...
At the SPAC of Dawn Another SPAC is joining the pack today with Stellar V Capital Corp. (NASDAQ:SVCCU) set to make its debut in today’s session, but there has also been news that could be encouraging for SPACs on the other end of their timeline. When faced with the choice of rushing whatever deal could...