Tailwind International Acquisition in an 8-K today disclosed that 32,495,189 shares have been redeemed ahead of an upcoming sholders meeting for an extension vote. Tailwind now has 2,004,811 shares outstanding, or about 6% of its initial market cap.
The deadline for shareholders to withdraw previously submitted redemption requests is Feb. 21, which is the date of the meeting. Shareholders will vote on whether to extend Tailwind's merger deadline to Aug. 23.
The SPAC raised $300 million in an ipo nearly two years ago with plans to target international consumer internet and other high-growth technology companies in international markets, with a focus on the European market.
A year ago the SPAC reportedly signed an LOI with Games Global, an online supplier to the gaming industry, although it appears nothing came from the discussions. Read more.
Source: Redemptions Wipe Out 94% of Tailwind International Acquisition's Trust