ALSP Orchid extends business combination deadline to Aug 2023; ~$157.7M redeemed by shareholders

ALSP Orchid Acquisition Corp I

Shareholders approved extension of business combination deadline from Feb 23, 2023 to Aug 23, 2023.
Holders of 15,253,673 shares redeemed for cash at ~$10.33/share, total ~$157.7M.
Redemption represents a significant portion of shares, depleting trust account substantially.
Company remains a SPAC with no business combination consummated as of filing date.

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

ALSP Orchid Acquisition Corp I: Extended the deadline for the company to consummate a business combination from February 23, 2023 to August 23, 2023 (effective 2023-02-17).

Change: charter amendment
Effective: 2023-02-17

Exact text from the filing

On February 17, 2023, the shareholders of ALSP Orchid Acquisition Corporation I (“we”, “ALSP Orchid” or the “Company”) approved, at an extraordinary general meeting of the shareholders of the Company (the “Extraordinary General Meeting”), an amendment to the Amended and Restated Memorandum and Articles of Association (the “Initial Period Extension Amendment”) to extend the initial date by which ALSP Orchid must consummate a business combination from February 23, 2023 to August 23, 2023, subject to any additional extensions as provided in the Amended and Restated Memorandum and Articles of Association.

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

ALSP Orchid Acquisition Corp I shareholders approved Approval of Proposal 1 - Initial Period Extension Amendment Proposal.

Outcome: passed

Exact text from the filing

Set forth below are the final voting results for each of the proposal presented at the Extraordinary General Meeting: Approval of Proposal 1 - Initial Period Extension Amendment Proposal Votes For Votes Against Abstentions Broker Non-Votes 14,911,282 1,100,651 0 0

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Source: SEC EDGAR

accession 0001193125-23-046826

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