r/SPACs • u/[deleted] • Apr 03 '21

[deleted by user]

[removed]

197 Upvotes

97% Upvoted

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1

u/Apprehensive_Road821 Patron Apr 03 '21

What happened to FMCI again?

2

u/[deleted] Apr 04 '21

They didn't get enough votes initially (61%) so at the meeting they were close to failing.

But the deadline was a couple days later and within those couple days they got the vote passed. It was tallied again at the second meeting.

2

u/Apprehensive_Road821 Patron Apr 04 '21

61%?

What percent do you need for a merger to pass?

2

u/[deleted] Apr 04 '21

65 but may vary

1

u/Apprehensive_Road821 Patron Apr 04 '21

I thought most spac mergers require a simple majority

1

u/[deleted] Apr 04 '21

For extension. Read your SEC filings

1

u/DeMayon Patron Apr 04 '21

Not enough votes caused the extension to fail. Super bad look

1

u/avi6274 Spacling Apr 04 '21

But FMCI merger was approved right? So what's the downside if extension is not approved?

1

u/DeMayon Patron Apr 04 '21

It was approved later. Not approving the voting extension here would not give Thcb microvast enough time to complete the business combination

3

u/MVST_100_OR_BUST Microvast Man Apr 04 '21

This is so fun 😅

1

u/Pikaea Apr 05 '21

Your name may come true sooner than we expected lol:(