LF Capital Acquisition Corp. II (LFAC) Postpones Extension Vote

LF Capital Acquisition Corp. II (NASDAQ: LFAC) announced this morning that it is postponing its extension meeting from 11 a.m. on June 13 until 5 p.m. on June 26.

In connection with the postponement, LF II also revised its proxy statement which would allow the company to extend its completion date from August 19 to November 19 by increasing the number of one-month extensions from six to nine extensions by depositing the lesser of $200,000 or $0.03 per share of Class A common stock per extension.

As a result of today’s announcement, the company has also extended the redemption deadline from June 9 until June 21. It intends to use this additional time to further engage with its shareholders.

LF II originally brought in $263.9 million in total gross proceeds from its IPO in November 2021, but saw 56.33% of its trust removed due to redemptions during a February meeting, leaving it with $116.88 million post-vote. During this vote, the SPAC increased the contribution to trust from $0.033 to $0.04 per share.

Although the SPAC has not announced a definitive agreement just yet, it teased investors with the announcement that it signed a non-binding letter of intent (LOI) with a target in the hours after the February vote. This target remains unnamed for now, but LF Capital II described it as a US-based manufacturer in the packaging industry with a blue chip customer base subject to multi-year contracts.