Modern Media Needs More Time…Asking for Another Extension

Modern Media Acquisition Corp. (MMDM), announced this afternoon that despite their best efforts to wrap up their deal with Akazoo Ltd. by June 17th, they’re probably going to need another month.  However, they are asking for two months just to be sure.

Modern Media anticipates scheduling a special meeting in June (new proxy forthcoming), and will be asking to extend from June 17th to August 17th, 2019. Furthermore, the 8-K states, “The parties currently anticipate that all conditions precedent to the consummation of the Business Transaction will be satisfied by July 15, 2019.”  But asking for two months is safer.

Nonetheless, Modern Media is not offering any additional contribution to trust to extend this time around.  There is a condition to closing that the trust account needs to have a minimum of $60 million at combination, but their current estimated trust value is $153.5 million ($10.40 per share).

However, the company is due to contribute another $0.0333 per share to trust on May 17th.

Look for a new proxy to be filed shortly.