News Alert: Stellar Acquisition III Revising Deadline Extension
May 14, 2018 INTEL by Kristi Marvin
Stellar Acquisition III Inc. Announces Shortening of Extension Date and an Increase in the Pro Rata portion of the Funds in Trust
No sooner did we post redemption/conversion pro rata per-share trust amounts this morning than Stellar Acquisition III, announces it is revising their Extension Date and terms. Read below for a quick summary:
- Stellar is shortening the extended date by which the Company has to complete its initial business combination from November 26, 2018 to August 24, 2018.
- The Sponsor (Astra Maritime Corp., Dominium Investments Inc., Magellan Investments Corp. and Firmus Investments Inc.) has agreed to increase the amount being loaned to Stellar from $0.02 to $0.035 per month for each public share that is not redeemed by its shareholders.
- This will increase the pro rata portion of the funds available in the trust account in the event of the consummation of the Company’s initial business combination or liquidation from approximately $10.38 per share to $10.48 per share.
The additional contribution is conditional upon a successful extension vote on May 22, 2018.