Alpine Acquisition Corp. (REVE) Adjourns Vote to Complete Two Bit Entertainment Deal
Alpine Acquisition Corp. (Nasdaq: REVE) announced this afternoon that it has adjourned its special meeting to complete its transaction with experiential entertainment company Two Bit Circus.
The meeting, which was scheduled to occur today, has been pushed back until February 28, 2023, at 2:00 p.m. to allow additional time for the SPAC to engage with its stockholders and solicit additional votes and redemption reversals.
Alpine announced its $153 million deal with Two Bit Circus in May 2022 and originally funded it with about $109.1 million from its current trust supplemented by a $25 million PIPE. The parties also plan to take out a $75 million mortgage loan, which is to close concurrently with the transaction.
A few months after its deal announcement, the SPAC disclosed that it will issue a dividend to holders of Alpine’s common stock who do not redeem their shares in connection to the business combination. Alpine’s Board of Directors authorized a straight dividend of 0.665 shares for each public share held of record on the day following the completion of the deal.
Two Bit Circus runs a micro amusement park in Los Angeles and this deal would see it acquire two conference hotels to expand to Denver and Stamford, CT.