Edify Acquisition in a regulatory filing said shareholders approved extending the SPAC's deal deadline to July 20, which will be 3 1/2 years post-IPO. This allows more time for the SPAC to work on its merger agreement with Unique logistics, a global logistics and freight forwarding company. The deal was announced in December 2022.
Edify's sponsor has agreed to deposit the lesser of $49,521.45 or 5 cents a share into trust for each month required.
The SPAC said 67,766 shares were redeemed ahead of the vote.
Edify raised $276 million in a January 2021 IPO with plans at the time to target businesses in education, edtech, workforce development, and HCM sectors in the United States. Redemptions since the float have taken a big bite out of the trust.
The SPAC last October said it converted 6.9 million sponsor shares into a like number of Class A shares. That boosted the total shares outstanding to 7,890,429
Meanwhile, facing delisting from the Nasdaq, the SPAC has asked the exchange for more time to complete its deal, having exceeded the 36-month limit. Read more.