Constellation Acquisition I Wins 1-Month Extension; Redemptions Remove 48% of Trust

Acquisition I in a regulatory filing said shareholders approved a deadline extension to Feb. 29.

The SPAC said 2,126,159 shares were redeemed at $11.13 per share, removing almost $24 million from the trust. After the redemptions and a $55,000 deposit for the extension, the balance in the trust will be approximately $26.4 million.

Meanwhile, the sponsor expects to convert 7.6 million Class B shares into public shares on a -for-one basis. The sponsor has further agreed to waive any right to receive funds from the Constellation trust folowing the share conversion and will acknowledge that the shares will be subject to all of the restrictions applicable to the original Class B shares.

Constellation has been searching for a suitable company “that is at the forefront of change in one of several rapidly changing segments of the global economy,” driven either by digitization of business processes, the rising global middle class and their increased focus on personal well-being or the pace and impact of disruptive innovation.

The SPAC made its OTC debut last month after stepping down from the NYSE. Read more.


Source: Constellation Acquisition I Wins 1-Month Extension; Redemptions Remove 48% of Trust