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Alpha Partners Technology Merger Corp. (APTM) Adjourns Extension Vote

proxy vote

Alpha Partners Technology Merger Corp. (APTM) Adjourns Extension Vote

Alpha Partners Technology Merger Corp. (NASDAQ:APTM) announced in a filing this afternoon that it plans to adjourn its special shareholder meeting, originally scheduled for July 25, until July 27.

The SPAC plans to open the meeting as scheduled tomorrow at 11:00 a.m. ET, subject to the consent of the shareholders constituting a quorum, but will then immediately adjourn the meeting.

At the rescheduled meeting, shareholders will cast their votes on a proposal to extend APTM’s completion deadline by an entire year up to July 30, 2024, and to allow the SPAC, without the need for another shareholder vote, to extend the deadline on a monthly basis, for up to twelve times, by an additional one month each time, by resolution of the board of directors.

Additionally, Alpha Partners Technology is making amendments to the disclosures in the proxy statement due to a typographical error. In Proposal No. 1, there were two instances referring to “24 months”, which should have correctly stated “36 months” to align with the proposed extension of the completion date. To rectify this, all occurrences of “24 months” in Proposal No. 1 shall be considered as “36 months” to properly reflect the intended extension.

At the meeting, shareholders will also have a non-binding letter of intent (LOI) to consider with 3D printing firm Glowforge, which was signed just last week. The SPAC has thus far released no other details on the proposed merger beyond that Glowforge’s existing shareholders would be expected to roll 100% of their equity into the combined entity.

Founded in 2015, Glowforge produces 3D laser printers capable of engraving digital designs on a wide variety of materials. These are priced at $4,995 to $6,995, targeting a clientele of high-end hobbyists and small businesses, but likely not high-volume manufacturers.

Alpha Partners Technology Merger Corp. announced the pricing of its $250 million IPO in July 2021. It initially set out to combine with a late-stage software or information technology target that serves a large industry or multiple industries with a platform or marketplace. Alpha Partners Technology Merger is led by CEO Matt Krna, CFO Sean O’Brien, and Board Chair Michael D. Ryan.