Legacy Acquisition Corp. (LGC) Files for an Extension
Legacy Acquisition Corp. (LGC), the $300 million consumer-focused SPAC led by Edwin Rigaud, filed a preliminary proxy this morning with a proposal to extend their deadline from November 21, 2019 to January 21, 2020. Additionally, if LGC needs to extend further, they can extend up to four times, each by an additional 30 days, to May 20, 2020. However, what was NOT included in the proxy was a stated contribution to trust for shareholders that remain post-vote. Although, this is only the first draft. There are still quite a few blanks that will need to be filled in in subsequent filings so perhaps that will be included in the next round.
However, it’s a little odd that LGC is already tee-ing up an extension in mid-August when they still have three months left on the clock. Seems early, no? Could this mean that a forthcoming “announced” deal be in their immediate future? Perhaps. It would also explain the lack of a contribution included in the proxy. Meaning, maybe they’re waiting to gauge reaction to the “deal”. If it’s trades above trust, a contribution won’t be necessary. If it trades below, they will need to contribute. Plus, Legacy is only asking to extend two months from November to January, which gives them about 5 months of runway….perfect amount of time to close a deal if they announce now….
Guess we’ll have to wait and see…
You can find the proxy filing HERE.