After the Closing Bell: PACQ, GPAQ, MOSC (VVNT), HCCO


After the Closing Bell: PACQ, GPAQ, MOSC (VVNT), HCCO

Jan 24, 2020 INTEL by Kristi Marvin

It’s not the weekend yet…we have a few more updates for you, provided below.


As expected, Pure Acquisition Corp. (PACQ), filed a preliminary proxy this afternoon to extend their deadline from February 21, 2020 to May 21, 2020.  Pure just finished up their tender offer for their warrants (at $1.00), whereby they were able to reduce their public warrants to just 3,158,195, or 15% of their original 20,700,000 warrants.  However, since they’re running out of time to schedule a shareholder vote with HighPeak Energy, they need to extend.  However, that also means they will be launching a brand new tender offer at $1.00 for the remaining 3,158,195 warrants. (Pure must launch a new tender, but you can go HERE to read why).

However, a date for the extension vote has not yet been set, but should occur just before the February 21st deadline.  Additionally, Pure will be contributing $0.033 per share for non-redeemers, or $0.099 in total if Pure needs to use all three months.  That’s an attractive contribution, so it should protect their cash in trust.


Gordon Pointe Acquisition Corp. (GPAQ) released the results of their extension vote (held today) to extend their deadline one month to February 29th, 2020, and 100% of the 13,027,837 shares that voted, voted “For” to extend.  However, 3,011,003 shares opted to redeem at a per share price of $10.61.  That removes $31.9 million from trust, leaving $85,331,307 and 8,042,536 public shares outstanding.

Gordon Pointe will be contributing $0.033 per share to trust for the month for non-redeemers, or $265,403 total.


Mosaic Acquisition Corp. also released the results of their shareholder vote to complete their combination with Vivint Smart Home (VVNT).  At that January 17, 2020 vote, 31,074,592 shares opted to redeem at a price of $10.29 per share, removing approximately $319.8 million from trust.  That left approximately $35.2 million, but keep in mind that Vivint had already rounded up a number of financings so that there would be a minimum of $790 million in net proceeds at closing.  The $35.2 million at this point isn’t as meaningful.


Healthcare Merger Corp. (HCCO), filed an 8-K this afternoon, announcing that commencing January 28, 2020, holders of the units sold in the Company’s initial public offering may elect to separately trade shares of the Company’s Class A common stock and warrants included in the units. The shares and warrants will trade on the Nasdaq Capital Market under the symbols “HCCO” and “HCCOW,” respectively. Those units not separated will continue to trade on the Nasdaq Capital Market under the symbol “HCCOU.”

Holders of Units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the Units into shares of Class A Common Stock and Warrants.