Portage Fintech SPAC extends deadline, 22M shares redeemed; entire board and management replaced

Perception Capital Corp. III

Shareholders approved extension of business combination deadline from 24 to 36 months after July 23, 2021 IPO.
Redemption limitation removed; 22,001,009 Class A shares redeemed at $10.41, removing ~$229.1M from trust.
Trust balance drops to ~$40.7M; only 3,910,370 Class A shares remain outstanding.
Sponsor sold to Perception Capital; all 8 directors resigned, replaced by 5 new directors including Scott Honour.
New CEO Rick Gaenzle, CFO Corey Campbell, Co-Presidents Tao Tan and Jim Sheridan; prior CEO/COO resigned.

item 3.03 item 5.03 item 5.07 item 8.01 item 9.01

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

Perception Capital Corp. III: Approved Redemption Limitation Amendment to eliminate the $5,000,001 net tangible asset redemption limitation (effective 2023-07-21).

Change: charter amendment
Effective: 2023-07-21

Exact text from the filing

sought to eliminate from the Articles the limitation that the Company shall not redeem Class A ordinary shares

View on SEC.gov

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

Perception Capital Corp. III: Approved Extension Amendment to extend business combination deadline from 24 to 36 months from IPO closing (effective 2023-07-21).

Change: charter amendment
Effective: 2023-07-21

Exact text from the filing

the Company’s shareholders approved two proposals to amend the Company’s amended and restated memorandum and articles of association

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

Perception Capital Corp. III shareholders approved Extension Amendment Proposal.

Outcome: passed

Exact text from the filing

The applicable shareholders approved the Extension Amendment Proposal and the Redemption Limitation Amendment Proposal. The voting results for each proposal were as follows: The Extension Amendment Proposal For Against Abstain 23,735,338 812,820 1,620

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

Perception Capital Corp. III shareholders approved Redemption Limitation Amendment Proposal.

Outcome: passed

Exact text from the filing

The Redemption Limitation Amendment Proposal For Against Abstain 23,824,466 723,664 1,648

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Source: SEC EDGAR

accession 0001829126-23-004888

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