Tristar Acquisition I Sells Sponsor Stake

Tristar Acquisition I in a regulatory filing said entered into a securities purchase agreement to sell the sponsor's interest in the SPAC to Navy Sail International Limited. Navy Said will buy 3,046,634 class B shares and 4,957,875 private placement . In addition, all other holders of Founder Shares transferred an aggregate of 1,380,866 of their founder shares to Chunyi (Charlie) Hao, the SPAC's new CEO.

The SPAC last week secured a deadline extension to Oct. 18 for the lesser monthly deposit of $375,000 or 10.5 cents a share. Further extensions until Oct. 18 would be available with the deposit of the lesser of 3.5 cents a share or $125,000 for each month required.

The SPAC raised $200 million in an October 2021 to focus on companies related to telecommunications, technology, or related businesses. Read more.

Source: Tristar Acquisition I Sells Sponsor Stake