Global Partner Acquisition II today in an 8-K filing said it entered into an investment agreement under which Endurance Global Partner II will loan the sponsor up to $3 million in cash. The SPAC's sponsor will issue an unspecificed amount of equity securities to Endurance.
As part of the agreement, control of the sponsor has been transferred to affiliates of Antarctica Capital Partners.
The SPAC's new CEO, Chandra R. Patel, is the founder of Antarctica Capital and has served as the managing partner of Antarctica Capital since 2010.
The filing also notes that Global Partner II shareholders approved a deadline extension until April 14, although redemptions in connection with that vote wiped out approximately $265 million in the SPAC's trust, or close to 87%.
The SPAC in its January 2021 IPO filings said it would focus on acquiring a technology-driven business in consumer, e-commerce, and retail disruption. The latest filing does not indicate whether new management signals a change in direction for the acquisition strategy. Read more.
Source: Global Partner Acquisition II Switches Sponsor Control Following Nearly 87% Redemptions