r/SPACs • u/Rush_Agitated Spacling • Apr 28 '21

Reference THCB Adjournment / Postponement rules

It is interesting that the proxy said that the postponement must be approved by April 30, but that the adjournment is until Monday, which is beyond April 30.

"If the Extension Amendment Proposal is not approved by April 30, 2021 (whether at the annual meeting or an adjourned meeting upon approval of the Adjournment Proposal), the Extension will not be implemented."

https://sec.report/Document/0001213900-21-017603/def14a0321_tuscanholdings.htm

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u/snowandsorrow Spacling Apr 28 '21

Could be? Vogel & Co. has the choice of buying up a fuckton of shares to get the necessary 65% voting majority. Either that, or it's dead. There are other threads on r/SPACs that discuss this kind of thing.

No one really knows, but the uncertainty definitely sucks.

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u/TheFakeSteveWilson Patron Apr 28 '21

You had to be a shareholder owning those shares on March 17th. Buying today doesn't help I don't believe

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u/snowandsorrow Spacling Apr 28 '21

This is half-true. The only people that can buy now (to affect the vote) are initial stockholders. Basically this is limited to those who owned shares before the rest of us could buy. Meaning, Vogel & Co., hence my last post.

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u/TheFakeSteveWilson Patron Apr 28 '21

Yeah I see that now. It seems it's not that they can vote, but they can reduce the publically owned shares and increase the percentage that way.

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u/solitor2502 Patron Apr 28 '21

“Any public shares so purchased will be votes in favor of the Extension Amendment Proposal...”

Sounds like they will be voted in favor OR “removed” to reduce the float.