New Vista Acquisition Corp. (NVSA) Postpones Extension Vote

proxy vote

New Vista Acquisition Corp. (NVSA) Postpones Extension Vote

New Vista Acquisition Corp. (NASDAQ:NVSA) announced this morning that it is postponing its special meeting to extend its completion deadline from February 10 to 10 am ET February 15.

The SPAC’s sponsor will also now deposit $200,000 into the trust for each monthly extension up to $2.4 million if the full 12 months are required, bringing its new deadline to February 19, 2024. New Vista’s sponsor plans to convert 6,684,500 promote shares (96.8%) into Class A shares as well at this time, but it will not be entitled to receive trust funds through these shares.

The record date for the vote remains January 10, but shareholders will have five more days to consider their redemption decisions as the new deadline has been moved from February 8 to February 13. New Vista investors also have its LOI with Verijet to consider.

Announced last week, the LOI remains non-binding and the parties have released scant details on what the proposed merger would look like. But, in terms of business model, Verijet has some sustainable aviation peers that have also gone through the SPAC process ranging from eVTOL makers to private plane marketplaces.

Verijet operates a fleet of 19 carbon-neutral Cirrus Vision-model private planes, which seat a maximum of seven passengers each. These jets’ mix of fuel efficiency and sustainable fuel mix allows them to be carbon neutral overall, and Verijet operates them on a charter basis.

The company’s site price-quotes a seat tomorrow on a New York to Washington, DC flight at $4,404, or $26,692 to Dallas. With this operator model, Verijet likely cuts the closest comparison in SPACland to Surf Air, which announced a $1.4 billion combination with Tuscan II, but later terminated it.