The SPAC is seeking a full-year extension from its existing deadline of March 8, 2023 to March 8, 2024 and is attempting to give shareholders more time to potentially reverse redemption decisions.
M3-Brigade II does not currently have a definitive agreement in hand, but previously announced a $2.8 billion combination with Syniverse in 2021, which was later terminated in February 2022. The record date for M3-Brigade II shareholders remains December 5.
M3-Brigade II IPO’d in March 2021 and originally had 24 months on its clock. Shareholders are also to vote on proposals to allow the SPAC to release accrued interest from the trust to pay for working capital expenses and potentially pay the new 1% excise tax on buybacks, should it apply to redemptions.