Pacifico Acquisition Corp. (NASDAQ:PAFO) disclosed this afternoon that its shareholders have approved its business combination with sustainable shipping company Caravelle during a special meeting held earlier today.
At today’s special meeting, 6,194,813 shares voted by proxy or in person, representing 82.65% of the total outstanding shares. The business combination was overwhelmingly approved as it received a total of 6,155,465 votes in favor of it, with just 39,348 votes against it.
But, Pacifico’s public stockholders holding 5,724,921 shares of common stock, representing 99.56% of all outstanding public shares, elected to redeem their public shares. This leaves only 25,079 public SPAC shares remaining post-vote.
Nonetheless, the combined company is expected to trade on the Nasdaq once the deal is completed. Back in August, the parties amended the transaction to waive the minimum cash amount of $4 million as a closing condition, and eliminate the PIPE investment amount of $60 million also as a closing condition.
The parties initially announced their $527 million deal on April 6, 2022. Singapore-based Caravelle has developed a technology for drying wet lumber aboard shipping vessels to reduce emissions and processing times.
- Chardan is acting as M&A and capital markets advisor to Pacifico.
- Jun He Law Offices LLC is acting as legal counsel to Caravelle in the transaction.
- Loeb & Loeb LLP is acting as legal counsel to Pacifico