XPAC Acquisition in an 8-K said it agreed to sell its sponsor stake to J. Streicher Holdings, which agreed to purchase, 4,400,283 Class B shares and 4,261,485 private placement warrants to acquire Class A shares, for $250,000.
J. Streicher has also agreed to reimburse the outgoing sponsor for $25,000 in legal fees and other expenses.
The current board and management team will resign.
XPAC will be renamed Zalatoris II Acquisition and a July 27 meeting is set to approve these changes as well as a deadline extension in monthly increments until Aug. 3, 2024 without further contributions to the SPAC's trust.
The SPAC in May had raised the spectre of liquidation after disclosing that former merger partner SuperBac was terminating a deal. Read more.
Source: XPAC Acquisition Sponsors Sell Stake to New Management Ahead of Extension Vote