TKB Critical Technologies 1 today adjourned its shareholder meeting to vote on a deal extension. The vote will instead be held Friday at 4 p.m. Eastern on whether to extend the SPAC’s merger deadline from Jan. 29 to June 29.
TKB has a deal pending with Wejo Group Limited, a global company engaged in Smart Mobility for Good cloud and software analytics for connected, electric and autonomous mobility.
Manchester, UK-based Wejo combined with Virtuoso Acquisition in November 2021 at an estimated $1.1 billion pro forma equity value. If this new deal with TKB is approved, upon closing Wejo will continue to trade on the Nasdaq.
The structure of the transaction seeks to limit TKB stockholder redemptions and maximize cash delivered to Wejo by providing TKB investors with an approximately 10% premium to the estimated cash in TKB’s trust in Wejo Holdings shares. Read more.
Source: TKB Critical Technologies 1 Postpones Extension Vote