GSR II Meteora Acquisition in an 8-K said it entered into non-redemption agreements with unaffiliated third parties who;ve agreed to hold 6,033,000 shares through the upcoming deadline extension vote. If the extension is approved, the SPAC would have the flexibility to push its termination deadline back as far as March 2024 in monthly increments.
GSR II will give the non-redeeming shareholders 60,330 shares. If the extension proposal wins approval, the investors will also receive up to 120,660 shares for the initial extension and for each monthly extension. The shares will accrue on a monthly basis and be issued to the non-redeeming stockholders upon closing of an initial business combination.
The SPAC expects to enter into more non-redemption agreements with additional unaffiliated third parties on substantially the same terms.
GSR II has a merger agreement with Bitcoin Depot, a fintech and Bitcoin ATM operator. The deal at announcement in August had a post-transaction enterprise value of $755 million. Net proceeds are expected to consist of up to $321 million of cash held in the SPAC's trust and will be used to support Bitcoin Depot's working capital, complete acquisitions, and scale its platform and suite of products. Read more.
Source: GSR II Meteora Secures Non-Redemption Agreement Covering 6M+ Shares