M3-Brigade Acquisition II in an 8-K said entered into a non-redemption agreement with one or more unaffiliated investors who will not redeem 400,000 shares in connection with an upcoming extension vote on March 7.
In return, the SPAC will give those investors 100,000 Class B shares.
The SPAC wants to extend its deadline from March 8 to Dec. 8.
M3-Brigade II a year ago scrapped a deal with Syniverse, which provides mobile platforms for carriers and enterprises, noting that redemptions surpassed the minimum cash condition for closing.
The SPAc raised $400 million in a March 2021 IPO with plans to target North American businesses or companies with an enterprise value of at least $1 billion and have been impacted by the COVID-19 pandemic, or businesses in the renewable energy sector. Read more.
Source: M3-Brigade Acquisition II Signs Non-Redemption Agreement Covering 400K Shares