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Opes Acquisition Corp. Releases Extension Vote Results

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Opes Acquisition Corp. Releases Extension Vote Results

Mar 17, 2020 INTEL by Kristi Marvin

Opes Acquisitions Corp. (OPES), filed an 8-K this afternoon announcing the results of their shareholder vote, held yesterday, to extend their completion deadline three months from March 16, 2020 to June 18, 2020.  The extension was approved, but nearly half of OPES’s Trust was redeemed.

Per today’s filing, 4,428,044 shares exercised their right to redeem at a price of approximately $10.61 per share, for an aggregate conversion amount of approximately $47.0 million. OPES originally IPO’d back on March 13, 2018, raising $115 million in public proceeds (note: OPES over-funded their trust at $116.2 million) with 11.5 million public shares included in its unit. Heading into today’s vote, OPES had 8,971,113 public SPAC shares outstanding.  Current share count (post-extension vote) is now 4,543,069, with an estimated trust value of roughly $48.2 million.

Following the meeting, the Company deposited $0.03 for each public share that was not converted in connection with the Extension, or an aggregate of approximately $136,292.07 into the Trust Account for the first 30-day extension period.

You can review the vote results HERE.