M I Acquisitions, Inc. Shareholders Approve Business Combination

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M I Acquisitions, Inc. Shareholders Approve Business Combination

Jul 24, 2018 INTEL by Kristi Marvin

M I Acquisitions, Inc. Releases Results of Shareholder Vote

M I Acquisitions, Inc. (“MACQ”), released the results of its shareholder vote to approve MACQ’s previously announced business combination with Priority Holdings, LLC., a provider of B2C and B2B payment processing solutions.  The combined company is expected to be renamed Priority Technology Holdings, Inc. and is expected to continue to be listed on the Nasdaq Stock Market under the symbol “PRTH”.

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Total shares of common stock exercising redemption rights were only 6,000 shares, which left $51.8 million cash held in trust.  If you remember, M I Acquisitions had originally raised $53.1 million in its initial public offering.  No word on an actual closing date, but the 8-K stated, “M I and Priority anticipate closing the business combination in the coming days.”

You can find the 8-k release here.  However, its a bit surprising there wasn’t more news surrounding the closing.  Neither the MACQ or Priority websites have any announcements or press releases and the only information currently out there is a formal 8-K detailing the results of the vote.  Maybe the first order of business post-closing is to hire an IR firm?

Congratulations to all.