DHC Acquisition in a proxy filing called a March 5 meeting for shareholders to vote on its proposed business combination with Brand Engagement Network (BEN).
Terms call for DHC to issue up to $274 million in stock to BEN.
As of Feb. 9, there was approximately $22,152,841.56 in DHC's trust and its stock was trading at $10.67 per share, according to the filing. The SPAC said it may also raise additional financing through a pipe or other means, but did not elaborate.
The deal was announced in September at a pro-forma enterprise value of $358 million.
Existing BEN shareholders are expected to roll 100% of their equity, and will own about 63% of the fully diluted shares of the combined company. Read more.