Hainan Manaslu Acquisition Corp. (NASDAQ:HMAC) announced in an 8-K this afternoon that its shareholders approved its combination with brand management company Able View at a special meeting held on August 2.
At the meeting, there were 7,295,963 ordinary shares representing approximately 81.37% of the issued and outstanding ordinary shares present, constituting a quorum.
The deal received overwhelming approval with holders representing 7,003,776 shares voting in favor of the business combination, while holders of only 292,187 shares voted against it.
In connection with the shareholders’ vote at the meeting, 6,766,651 ordinary shares were tendered for redemption, representing 98.07% of HMAC’s trust. The SPAC is now left with $1.38 million following the vote.
Nonetheless, Hainan Manaslu plans to close the business combination as soon as possible and will continue to accept reversal of redemption requests until closing. Once the deal is completed, the combined company is expected to trade on the Nasdaq.
The SPAC inked its $400 million business combination with Able View in November 2022. Shanghai-based Able View is a cross-border brand management company focusing on beauty and personal care segments.
All other proposals on the ballot, including the NTA Requirement Amendment Proposal, the Charter Proposal, and the Equity Incentive Plan Proposal, were also approved with minimal pushback from shareholders.