Alpine Acquisition Corp. (REVE) Adjourns Completion Vote
Alpine (NYSE:REVE) announced this afternoon that it has again adjourned its special meeting to complete its transaction with experiential entertainment company Two Bit Circus.
The SPAC originally intended to hold its special meeting on February 24, but has adjourned it four times since then. Alpine now expects to reconvene the meeting on March 30 at 12:00 p.m. It noted that it expects to use this additional time to engage with its stockholders and finalize the items necessary to complete its proposed merger.
Alpine also held an extension meeting in late February, giving it a new completion deadline of April 2 instead of March 2. But, at that meeting, it saw 98.03% of its trust redeemed and is now left with just $2.22 million post-vote.
The parties announced the $153 million deal in May 2022 and Alpine originally planned to fund it with $109.1 million from its 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. 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.