Lionheart III Shareholders Approve Security Matters Deal

Lionheart III today in an 8-K said its shareholders yesterday approved the business combination with Security Matters, an Australian company. The SPAC said shareholders of 84.81% of the common stock outstanding participated in the vote, with approximately 10.7 million shares in favor of the deal and 2.9 million opposed.

There was no mention of redemptions, if any, although the SPAC's shares traded consistently above the redemption value up through yesterday's vote.

Announced in July at a valuation of $360 million, the deal was expected to generate proceeds of up to approximately $116 million, which assumes zero redemptions.

The combined enterprise is expected to list on the Nasdaq via a newly-formed Irish company to be named SMX Public Limited. Upon closing, shares and warrants of SMX Ireland will trade under the new ticker symbols SMX and SMXW. Security Matters will also delist from the Australian Exchange. Read more.

Source: Lionheart III Shareholders Approve Security Matters Deal