Proficient Alpha Shareholders Approve Lion Financial Combination
But PAAC also extended their deadline in order to close this transaction.
Yesterday, Proficient Alpha Acquisition Corp. (PAAC), held a double vote to approve both their business combination with Lion Fiancial Group Limited, and to extend their deadline so they could complete all the necessary paperwork. If you recall, PAAC only had until June 3rd to complete the Lion Fianancial combination. However, holding a vote and having it approved is not enough. You actually need to close the deal before that deadline date to avoid a liquidation. Hence the need for a double vote. So while PAAC is technically “completed” via the vote, they still need to close, so are also still technically an active SPAC.
Nonetheless, per the press release, at yesterday’s vote 11,049,426 public shares exercised their right to redeem at an approximate price of $10.185 per share. As a result, an estimated $112.54 million was removed from Proficient’s trust account with roughly $4.6 million remaining based on 450,574 public SPAC shares.
However, keep in mind that Proficient Alpha also included a right in it’s IPO unit, so those rights shares will convert at closing providing an additional 1,150,000 tradable shares to the float. As for an anticipated closing date, that wasn’t provided, but post-closing Lion Financial is expected to trade on the Nasdaq Capital Market under the symbols “LGHL” and “LGHLW,” respectively.
You can find the press release HERE.