Avalon Acquisition announced that stockholders voted to approve its business combination with The Beneficient Company Group, a technology-enabled platform providing liquidity, data, custody and trust services to holders of alternative assets.
The combined company's stock and warrants began trading on the Nasdaq today under the new ticker symbols BENF and BENFW.
While redemptions removed about 87% of the Avalon trust, the parties earlier this week entered into a forward purchase agreement with RiverNorth SPAC Arbitrage Fund. RiverNorth agreed to buy $25 million in Avalon shares that would have been redeemed. Also, there was no minimum cash condition to close.
Terms at deal announcement in September had called for Beneficient to receive $200 million. Avalon raised $180 million in an October 2021 IPO. Read more.