In connection with the change, the company has further extended the deadline for holders of the Company’s Class A common stock to submit their shares for redemption in connection with the extension to 5:00 p.m. E.T. on December 20. Stockholders who wish to withdraw their previously submitted redemption request may do so prior to the meeting.
Additionally, in an effort to mitigate uncertainty surrounding the implementation of the Inflation Reduction Act, VII’s sponsor will reimburse the company against any excise tax liabilities with respect to any future redemptions that occur after December 31, 2022 and prior to or in connection with a business combination or liquidation.
If VII obtains stockholder approval for its extension, it will maintain the remaining amount in its trust account in an interest-bearing demand deposit account at a bank. The sponsor has agreed to deposit the lesser of an aggregate of $900,000 or $0.18 per share that remains outstanding and is not redeemed in connection with the extension plus the lesser of an aggregate of $300,000 or $0.06 per share that remains outstanding and is not redeemed for each of the three subsequent calendar months starting on March 29, 2023.
Earlier this month, VII entered into a definitive agreement to combine with video engagement platform Banzai at an enterprise value of $380 million. Bainbridge Island, Washington-based Banzai provides a suite of virtual event management and analytical tools through a software-as-a-surface (SaaS) model.