Apollo Strategic Growth Capital II (APGB) Postpones Extension Vote
Apollo Strategic Growth Capital II (NYSE:APGB) announced this morning that it has postponed its April 28 special meeting to 9 am ET on May 5.
Shareholders will be voting on a proposal to allow Apollo Strategic to extend its transaction deadline up to nine months from May 12, 2023 to February 12, 2024. Shareholders will have until May 3 to redeem their shares.
Apollo Strategic II also today announced that it entered into a non-redemption agreement with an unaffiliated third party. Under the non-redemption agreement, the investor agreed not to redeem an aggregate of 1,500,000 non-redeemed shares at the meeting, in exchange for which commitment the sponsor has agreed to transfer to the investor an aggregate of 300,000 Class B ordinary shares. The agreement is not expected to increase the likelihood that the extension proposal is approved by shareholders but will increase the amount of funds that remain in the trust account following the meeting.
The SPAC raised a total of $690 million in its February 2021 IPO, and originally had 24 months to complete a deal with the right to auto-extend up to three months.
It has not yet announced a combination agreement, but intends to combine with a leading company that exhibits positive top-line growth that is not reliant on leverage. Apollo II is led by CEO Sanjay Patel, Executive Chairman Scott Kleinman and CFO and Chief Acccounting Officer James Crossen.