Everest Consolidator Acquisition said its sponsor deposited $1.725 million (10 cents a share) into the SPAC's trust. This extends the SPAC's merger deadline by three months to Aug. 28. In connection with the deposit, Everest Consolidator issued to the sponsor 1.15 private placement warrants, at $1.50 each.
Everest Consolidator earlier this month announced a meger agreement with Unifund Financial Technologies at an enterprise value of $238 million. The deal has a $40 million minimum cash condition to close.
The target company group specializes in the acquisition and servicing of consumer debt receivables and offers consumer data analytics and tailored recovery solutions for major banks, financial institutions and other creditors across the United States. Total revenues for the target companies, on a combined consolidated basis for the years ended Dec. 31, 2022 and 2021, were $52.2 million and $52.8 million, respectively.
Everest raised $172.5 million in a November 2021 IPO with plans to target businesses in the wealth management industry. Read more.