Breeze Holdings Acquisition Corp. (NASDAQ:BREZ), a special purpose acquisition company (SPAC), has announced the approval by its shareholders to extend the deadline to complete a business combination by six months, moving the date from June 26, 2024, to December 26, 2024. This decision was made during a Special Meeting of Stockholders held on Thursday, June 21, 2024.
The extension allows Breeze Holdings additional time to finalize a merger or acquisition, which is a common practice for SPACs that require more time to complete their initial business combination. If the company fails to secure a merger by the new deadline, it will be obligated to redeem its public shares and dissolve.
During the meeting, stockholders voted on three key proposals. The first proposal, which passed with 3,435,359 votes for and 12,881 against, was to amend the company's certificate of incorporation to allow for the extension. The second proposal, approved with 3,437,568 votes for and 10,343 against, amended the Trust Agreement to authorize the extension. The third proposal, which passed with 3,437,346 votes for and 10,614 against, was to adjourn the Special Meeting to a later date if necessary to solicit additional votes.
In conjunction with the shareholder meeting, Breeze Holdings reported the redemption of 265,564 shares of common stock. Following this redemption, approximately $10,371,000 remains in the company's trust account, with 4,033,712 shares of common stock outstanding.
The company has stated that if an initial business combination is not completed by the new deadline, stockholders will be able to redeem their shares for a portion of the trust account's assets, calculated two business days prior to the approval of the merger. This redemption will fully extinguish their rights as stockholders, subject to applicable laws and minus certain permissible deductions.
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