Opes Acquisition Corp. (OPES) Releases Extension Vote Info

Early this afternoon, Opes Acquisition Corp. (OPES), released the details of their shareholder vote to approve their new extension deadline and the results were not that bad.  Opes was left with approximately 80% of their cash in trust and now has an additional two months to announce and close a combination.

RESULTS

Per the 8-K, 2,282,753 of the Company’s common stock elected to redeem at a price of $10.33 share, which resulted in $23.6 million being removed from the Trust Account. Furthermore, approximately 9,217,247 public shares will remain issued and outstanding, which means that the Trust Account is now currently estimated to hold $95.2 million, down from their estimated $118.8 million held in trust before the vote. As a reminder, Opes is contributing $0.0333 per share to the trust account for shareholders that did not redeem at the vote.

However, Opes’s actual new deadline is now October 15th, not November 15th.  If, at October 15th, they decide they would like to extend another 30 days, they will deposit an additional $0.0333 per share, or $306,935, setting a new and final deadline of November 15th.  If they opt not to extend at October 15th, they will liquidate.  If they would like to extend even further than November 15th, they will need to put it to another shareholder extension vote.

Two months is a very short amount of time to announce and close a transaction, so the amount of time Opes asked for is very curious. However, we only have to wait a short two months to find out where this is headed. Let’s see what happens.