DHC Acquisition Corp. (DHCA) Adds Non-Redemption Agreement
DHC Acquisition Corp (NASDAQ:DHCA) announced in an 8-K this morning that it has come to agreements with one or more investors to not redeem 400,000 shares.
If these investors still hold these shares through the SPAC’s March 3 extension vote, they will receive 150,000 promote shares (1.9%) once DHC has consummated a business combination.
DHC does not currently have a definitive agreement in hand, but in January it terminated a troubled deal with GloriFi. At the upcoming vote, shareholders will consider a proposal to extend its deadline to December 4.
The SPAC’s sponsor has not yet offered a contribution to its trust in connection with the extension and its estimated redemption rate currently sits at $10.14.
It raised $309.5 million in its 2021 IPO and is led by Co-CEO Christopher Gaertner, who also serves as vice chairman and global head of technology investment banking at Rothschild & Co, and Co-CEO Thomas Morgan, who is the CEO of advisory firm Corps Capital.