Marblegate Acquisition Corp. (NASDAQ:GATE), a blank check company, has officially extended the deadline to complete its initial business combination from October 5, 2024, to April 5, 2025. The decision, determined by the company's board of directors, was approved during a special meeting of stockholders on Monday.
The extension allows the company more time to finalize its merger plans, which, if not accomplished by the original deadline, could have led to liquidation.
At the same meeting, stockholders voted on the election of directors. Andrew Milgram, Paul Arrouet, and Patrick J. Bartels, Jr. were elected as Class III directors, to serve until the 2027 annual meeting or until their successors are appointed.
The voting results showed strong support for extending the business combination deadline, with 9,581,864 votes in favor and 34,022 against. The election of directors also passed with a similar margin of approval.
The company reported that stockholders holding 268,726 shares of Class A common stock opted to redeem their shares. Consequently, approximately $2.9 million will be withdrawn from the company's trust account to pay the redeeming holders, amounting to roughly $10.90 per share. Following these redemptions, Marblegate will have 368,879 Public Shares outstanding.
The details of these corporate actions are based on a press release statement and are documented in the company's recent 8-K filing with the Securities and Exchange Commission.
The filing provides investors and the public with the latest governance decisions and financial arrangements of Marblegate Acquisition Corp., reflecting its ongoing efforts to complete a business combination within the newly extended timeframe.
In other recent news, Marblegate Acquisition Corp. has issued a promissory note to its sponsor, Marblegate Special Opportunities Master Fund, L.P., for up to $255,000. This note is intended to cover working capital expenses and carries no interest.
The note becomes payable at the completion of the company's initial business combination or the effective date of the company's winding up, whichever comes first.
Interestingly, the sponsor has the option to convert any unpaid principal into Class A common stock at a conversion price of $10.00 per share, aligning the sponsor's interests with those of the company and its shareholders.
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