Vector Acquisition II in an 8-K said it has enterned into a non-redepmtion agreement under which the investors will hold onto 3.5 million shares through the closing of a business combination. In return, the SPAC's sponsor will forfeit 1.05 million shares to the investors.

Vector II seeks a merger deadline extension until March 12, 2024. A vote on the matter is set for Wednesday.

Ahead of that vote, the SPAC set the estimated redemption price at $10.20 per share based on almost $459 million in trust.

The SPAC is sponsored by vector capital, a San Francisco-based $3.2 billion private equity firm focused on special situations investments in technology.

Sister SPACs Vector III and IV withdrew IPOs in January. Vector III registered in March 2021 to offer 25 million Class A ordinary shares at $10 each. Vector IV registered that same month to offer 35 million shares. Read more.

Source: Vector Acquisition II Secures Non-Redemption Agreement Covering 3.5 million shares