Altimar III (ATAQ) Adjourns Extension Vote Again

Altimar Acquisition Corp. III (NYSE:ATAQ) announced in an 8-K this afternoon that it has again adjourned its extension vote and will reconvene on March 6 at 4:00 p.m.

A total of 15,801,410 ordinary shares, representing approximately 81.42% of Altimar’s outstanding shares, participated in the meeting, so turnout was not an issue, but it is likely that redemption levels are not yet where the SPAC wants them to be. It was previously noted in a proxy that if the company’s trust drops below $40 million as a result of the vote, then it may opt to forgo the extension and liquidate.

Altimar III announced earlier this week that it had secured non-redemption agreements covering 95,760 shares and it could be working to expand this number further. When the special meeting reconvenes next week, shareholders will consider a proposal to extend the SPAC’s completion deadline from March 8 to September 8.

The SPAC hasn’t announced a business combination yet, but intends to concentrate its efforts on combining with a company in the TMT, healthcare, financial services, or consumer industries. It announced the pricing of its upsized $135 million IPO in March 2021.