Jensyn Acquisition (JSYN) Gets Approval of Extension

Jensyn Acquisition Corp. (JSYN), announced late this afternoon that its shareholders have approved the extension to their completion deadline to July 2, 2019.

At the vote, 186,085 shares exercised their right to redeem at a redemption price of approximately $11.01 per share, for an aggregate redemption amount of approximately $2,049,380.  Jensyn, which IPO’d back in March of 2016 raising $40.4 million in gross proceeds, was down to just $8,029,900 cash held in trust as of November 30, 2018.  Post today’s redemptions, their new cash in trust value is approximately $6.0 million.

Additionally, beginning January 4th, Jensyn has agreed to contribute to the trust $.05 per month for each public share that did not redeem. at today’s vote. This means that if a business combination is not completed by July 2, 2019, the pro rata per-share trust value could potentially be $11.30 at July 2, 2019.

Below are the results of the vote.