B. Riley Principal Merger (BRPM) Announces Combination Approval
B. Riley Principal Merger Corp. (BRPM), which held their shareholder vote this morning, announced this afternoon the shareholder approval of their business combination with Alta Equipment Holdings, Inc.
The business combination is expected to close on February 14, 2020, upon which the Company will be renamed Alta Equipment Group Inc. Shares of the Company’s common stock are expected to begin trading on the New York Stock Exchange under the ticker symbol “ALTG” on February 18, 2020.
As you can see below, 4.1% of voting shares (485,582) voted against the transaction, with 95.9% voting “for”. Regardless, the more meaningful number for modern SPACs is the redemption amounts and BRPM previously released that information on Friday. At that time, it was revealed that only 10.1% of BRPM shares opted to redeem, leaving approximately $131.2 million cash in trust – a good result.
Additionally, Alta’s previously announced acquisitions of Liftech Equipment Companies, Inc. and FlaglerCE Holdings, LLC are expected to close concurrently with the completion of the business combination.
BRPM/Alta marks the sixth SPAC to close in 2020. We’re off to a good start this year.
- B. Riley FBR, Inc. is acting as the exclusive placement agent to BRPM
- Winston & Strawn LLP is acting as legal advisor to BRPM
- KPMG is acting as financial advisor to Alta
- Howard & Howard is acting as legal advisor to Alta