other material
confidence high
sentiment neutral
materiality 0.50
Piermont Valley SPAC signs $5M PIPE with Capstan Point for Tigerless merger
Piermont Valley Acquisition Corp
- PIPE: 5,000 Series A Convertible Preferred shares at $1,000 stated value ($5.0M total), funded in two tranches — $3.5M at first closing, $1.5M on the 90th business day after Closing.
- Conversion price is the lower of $10.00 or 93% of 5-day lowest VWAP, with initial $2.00 floor; at $10.00 converts to 550,000 shares, at $2.00 to roughly 2,750,000 shares.
- Floor price auto-resets lower every six months (to 20% of recent closes) once shares are freely tradable, potentially increasing dilution further.
- Existing Tigerless/Piermont holders must transfer 2,000,000 Pubco Class A shares to investor Capstan Point as a one-time closing fee, capped at 4.99% beneficial ownership.
- Pubco must file a resale registration within 30 days of first closing; missed deadlines trigger 5% liquidated damages plus 5% per 30 days, with 18% interest.