TKK Symphony (TKKS) Extends Tender Offer Again

TKK Symphony Acquisition Corporation (TKKS) today announced that it would be further extending the expiration of its tender offer to purchase up to 25,000,000 shares at a purchase price of $10.26. The tender offer was expected to expire tonight (at 5:00 p.m.), but will now expire at 5:00 p.m. New York City time, on Monday, December 16, 2019, unless TKKS decides to further extended again. Keep in mind that TKKS does not run out its SPAC deadline until February 20, 2020.

However, as of 12:00 p.m., New York City time, today, an aggregate of 21,066,888 ordinary shares have been tendered.  That leaves 3,933,112 shares and a trust value of approximately $40 million. There is no minimum cash closing condition (other than the $5 million in net tangible assets), so it will be interesting to see what happens in the next two weeks ahead of the new Tender Offer deadline.  It’s either additional marketing or some other additional financing in order to get this deal over the finish line.

Let’s see what happens.