This means that the SPAC’s new redemption deadline is to be 5 pm ET, January 10. While this comes a few days before the last minute, Jack Creek joins a raft of SPACs working to massage their votes as the turn of the year period has seen particularly high redemption levels.
60 SPACs that have held either an extension or completion vote since December 1st and reported redemption results have experienced an average of 87.2% redemptions.
Jack Creek for its part has a deal in hand with firefighting aviation company Bridger Aerospace at an enterprise value of $869 million, or 13.7x its 2023E EBITDA.
Bridger’s combination of steady government contracts and high visibility into future EBITDA would seem to make it a good fit for the current market conditions. But, every deal is having to argue against cash going into possible recessionary conditions.