Onyx I Loses 26% of Trust Value to Redemptions on Extension Vote

Onyx Acquisition I in an 8-K said redemptions of about $23.8 million were tendered ahead of an extension vote. As a result, 2,011,826 Class A ordinary shares and 6,612,500 converted founder shares remain outstanding for a total of 8,624,326 shares outstanding.

Shareholders approved the extension, moving the SPAC's deal completion deadline from Aug. 7 to Feb. 7, 2024. 

The SPAC said in June that it continues to be in “advanced discussions” about a potential merger with Helios Energy Transition Infrastructure, although a formal agreement has yet to be announced. The is focused on the development of natural gas and low-carbon energy infrastructure businesses and assets in Africa. A potential deal between the companies was first reported in November.

Onyx, led by a pair of former emerging markets specialists at Ken Griffin's Citadel and developer Michael Stern, raised $230 million in a November 2021 IPO. Read more.


Source: Onyx I Loses 26% of Trust Value to Redemptions on Extension Vote