The SPAC has not yet announced a change to the February 15 special meeting date. The move follows a slight supplemental addition to its proxy clarifying that if LF Capital II is obligated to pay the 1% excise tax on redemptions, the funds for such payments will not come from the SPAC’s trust.
SPACs have increasingly been answering investor queries about this detail in proxies, with only a small number thus far considering to pay the tax with trust cash. The delay is intended to give investors the chance to review this and also give the SPAC more time to engage with them on redemption decisions.
Under the extension amendment being considered, LF Capital II would be required to make a contribution of $0.04 per share for each one-month extension it enacts. LF Capital II initially IPO’d in November 2021 and is currently facing a completion deadline on February 19.
The SPAC has not yet announced a business combination, but its team closed an earlier SPAC transaction with Landsea Homes (NASDAQ:LSEA) in January 2021.