secwatch.observer — SEC 8-K summary
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Issuer:     Perception Capital Corp. III (—)
CIK:        0001853580
Form:       8-K
Filed at:   2023-07-26T23:59:59+00:00
Accession:  0001829126-23-004888
Event type: leadership
Sentiment:  negative
Materiality: 0.85
Item codes: 3.03, 5.03, 5.07, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1853580/000182912623004888/0001829126-23-004888-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1853580/000182912623004888/portagefintech_8k.htm
  HTML page:      https://secwatch.observer/filing/0001829126-23-004888

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer