AP Acquisition in an 8-K said it entered into a deed of non-redemption with Tokyo Century, which agreed not to redeem 500,000 shares ahead of a shareholder vote on whether to merge the SPAC with JEPLAN Holdings. Tokyo-based JEPLAN is engaged in chemically recycled PET technology.
The deed of non-redemption does not state that Tokyo Century is to receive any consideration for non-redemption of its investment.
As announced last month, terms call for gross transaction proceeds of up to approximately $180 million, assuming no redemptions by the SPAC's shareholders.
The deal has an equity value of $480 million. Read more.
Source: AP Acquisition Adds Non-Redemption Agreement Supporting Jeplan Deal