Tenzing Acquisition Corporation Amends IPO Terms

IPO Ahead

Tenzing Acquisition Corporation Amends IPO Terms

Aug 16, 2018 INTEL by Kristi Marvin

Tenzing Trust Value now $10.20 per share at IPO or 102% in Trust

Tenzing Acquisition Corp., an India-focused SPAC, filed an amended prospectus tonight with a notable change to the terms.  Specifically, the amount in trust is now $10.20 per share or 102%.  All other terms remain the same and you can find their summary here or below.

Tenzing is also rumored to be pricing tonight for trading tomorrow, but as of yet, we do not have confirmation. We have spoken to a few investors that have indicated as such, but without a CERT filed yet, we can’t 100% confirm.

Stay tuned to see if this one prices.

Summary of terms located below:

  • Focus:  India (EV between $150 million and $500 million)
  • $10.00 unit comprised of one ordinary Share + one warrant to purchase 1 Share
  • Warrant call for redemption threshold: equals or exceeds $21.00 (cash or cashless exercise)
  • 102% held in trust ($10.20 per share)
  • 18 months to complete an acquisition 
  • Limitation on redemption rights: 15%
  • Underwriter fees: 2.5% + 3.5% deferred fee.  Maxim Group is sole book-runner.