As the SPAC continues to engage with shareholders, they are to consider its proposal to extend the SPAC’s transaction deadline to January 19, 2024 without the sponsor making an additional contribution to the trust.
FTAC Emerald goes into the vote with its full compliment of IPO shares adding up to a $259.4 million trust with a redemption rate of $10.43. Earlier this month, it signed a non-redemption agreement with third parties securing 1,000,000 shares from being redeemed and it may be at work on additional measures.
It has not yet released any additional information on the LOI target that FTAC Emerald first highlighted in June. But, its team is chaired by serial SPAC sponsor Betsy Cohen, who has made a career of bringing fintech firms to market, alongside CEO Bracebridge H. Young, who has specialized in sustainability investments.
By announcing the LOI, it gained an automatic extension to September 20, but this extension vote will be its first chance its investors have to redeem shares. It closed Friday trading at its $10.43 redemption rate.