Jaws Mustang SPAC extends deadline to Feb 2024; $1.03B in redemptions

Jaws Mustang Acquisition Corp

Shareholders approved extension to Feb 4, 2024, and removal of net tangible asset limit.
Holders of 101.4M shares redeemed for ~$10.178 per share, totaling ~$1.032B.
Extension proposal passed with 87.96M for, 13.42M against; redemption limitation similarly approved.
Adjournment proposal not presented due to sufficient votes for main proposals.
Redemptions represent ~78% of shares outstanding, significantly reducing trust assets.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Jaws Mustang Acquisition Corp: Amended the company's amended and restated memorandum and articles of association to extend the deadline to consummate a business combination from February 4, 2023 to February 4, 2024, and to remove the limitation that the company may not redeem public shares if it would cause net tangible assets to (effective 2023-02-02).

Change: charter amendment
Effective: 2023-02-02

Exact text from the filing

On February 1, 2023, JAWS Mustang Acquisition Corp (the “ Company ”) held an extraordinary general meeting of shareholders (the “ Extension Meeting ”), to (i) amend the Company’s amended and restated memorandum and articles of association (the “ Articles Amendment ”) to extend the date by which the Company has to consummate a business combination from February 4, 2023 to February 4, 2024 (such proposal, the “ Extension Amendment Proposal ”) and (ii) remove the limitation that the Company may not redeem public shares to the extent that such redemption would result in the Company having net tangible assets (as determined in accordance with Rule 3a51-1(g)(1) of the Securities Exchange Act of 1934, as amended, of less than $5,000,001 (the “ Redemption Limitation Amendment Proposal ”) . The shareholders of the Company approved the Extension Amendment Proposal and the Redemption Limitation Amendment Proposal at the Extension Meeting and on February 2, 2023, the Company filed the Articles Ame

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

Jaws Mustang Acquisition Corp shareholders approved Redemption Limitation Amendment Proposal at the 2023-02-01 meeting.

Proposal: charter amendment
Outcome: passed
Meeting: 2023-02-01

Exact text from the filing

The Redemption Limitation Amendment Proposal For Against Abstain 87,980,510 13,390,134 500

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

Jaws Mustang Acquisition Corp shareholders approved Extension Amendment Proposal at the 2023-02-01 meeting.

Proposal: charter amendment
Outcome: passed
Meeting: 2023-02-01

Exact text from the filing

The Extension Amendment Proposal For Against Abstain 87,955,296 13,415,348 500

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Jaws Mustang Acquisition Corp filing history →

Source: SEC EDGAR

accession 0001104659-23-010812

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