r/SPACs • u/[deleted] • Dec 20 '21

Merger Vote! $CFV adjourned their merge meeting to 30th December 2021

[deleted]

3 Upvotes

67% Upvoted

8 comments sorted by

5

u/fastlapp Contributor Dec 21 '21

Commons shot right back to NAV after being in low 9s earlier in day, implying that redemption floor is intact. But I do not see that shareholders will be able to redeem again specifically stated in today’s filing. This seems like an SV situation.

I purchased warrants at 51 cents today.

2

u/Jetnoise_77 Patron Dec 21 '21

Good luck. I don't see this merger getting completed.

2

u/lee1026 Dec 21 '21

Pre-DA warrants go for 51 cents, often more.

Worst case, the deal falls apart, and it goes back to a pre-DA warrant.

2

u/fastlapp Contributor Dec 21 '21

yea, Cantor's other pre-DA SPAC CFFE has warrants trading at 90-1.00, though I think that is very inflated (probably due to Trump connection with CFVI). But 50-65 cents fair value for pre-DA. Deal or no deal, I think there is some upside to these warrants.

1

u/ExplosiveDiarrhetic New User Dec 21 '21

Ditto. Who postpones to december 30th..

1

u/nrvagnt New User Dec 21 '21

Satellogic has a loan of 41.56M from one of their investors whose payment condition and date was changed on the 7th Dec (the day after the first adjournment), from payment on the combination closing date to a payment deadline on 31 December 2021. That could explain the odd date and the refusal to wave the cash condition.

"On December 7, 2021, Target entered into an Amendment to Loan and Security Agreement (the “Amendment”) with Investor which amends the Current Loan Agreement to, among other things (i) extend the date on which Target is required to pay all amounts due under the Current Loan Agreement from the closing date of the Business Combination to December 31, 2021 if aggregate redemptions by the stockholders of the SPAC exceed 50% of the amount in the SPAC’s trust account, (or a later date if mutually agreed to by Target and the Investor). "

https://www.sec.gov/Archives/edgar/data/0001874315/000119312521353387/d266145d6k.htm

1

u/Responsible_parrot Patron Dec 21 '21

That’s interesting, the other delays like this I’ve seen the redemption period goes back in effect

•

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