Tailwind International Acquisition in an 8-K said it has singed a non-redemption agreement with several investors holding a total of 1.9 million shares. The investors have agreed to hold onto the stock through the SPAC's deadline extension. In return, Tailwind's sponsor will give the investors 475,000 Class B ordinary shares if and when the SPAC completes a merger.
Tailwind last week disclosed that 32,495,189 shares have been redeemed, leaving 2,004,811 shares outstanding, or about 6% of its initial market cap.
Tailwind wants to extend its timeline from Feb. 23 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: Tailwind International Acquisition Inks Non-Redeem Agreement Covering 1.9M Shares