other material
confidence high
sentiment neutral
materiality 0.60
AlTi Global commences warrant exchange offer and consent solicitation to reduce dilution
AlTi Global, Inc.
- As of Apr 28, 2023, 19,892,387 warrants outstanding (10.99M Public, 8.90M Private); offer expires June 2, 2023.
- Offer: each warrant tendered receives 0.25 shares of Class A common; up to 4,973,096 shares may be issued.
- Consent solicitation seeks to amend warrant agreement to allow mandatory exchange of remaining warrants at 0.225 shares (10% less than offer).
- 36.7% of Public and 66.3% of Private warrant holders already agreed to tender and consent via Tender and Support Agreements.
- Purpose: simplify capital structure and reduce potential dilution from warrants; no minimum tender condition.