American Acquisition Opportunity in a proxy seeks shareholder approval to extend its merger deadline from from March 22 to Sept. 22.
The SPAC last June annoucned a deal with Royalty Management, which “focuses on current revenue streams through undervalued resources that fit the modern infrastructure market while making investments in assets that fit tomorrow's electrification, mineral resources and infrastructure needs.”
The business combination values Royalty at an implied $111 million pro forma enterprise value, at a price of $10 per share, assuming no redemptions by the SPAC's shareholders. The deal is expected to be completed in the fourth quarter.
The transaction would result in gross proceeds of $16 million, less any redemptions and expenses. Read more.