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Ackrell SPAC Partners I Co. (NASDAQ: ACKIU) announced the termination of its Business Combination Agreement with North Atlantic Imports, LLC (NAI) on August 27, 2022. NAI declined to provide a requested $200,000 loan, necessary for the company to extend its initial business combination deadline beyond August 23, 2022. Consequently, the company will commence the wind down of operations and liquidate its Trust Account. Public Subunits will be cancelled, and redemption is estimated at approximately $10.38 per subunit within ten business days.
Ackrell SPAC Partners I Co. (NASDAQ: ACKIU) announced on August 25, 2022, that North Atlantic Imports, LLC (Blackstone) will not provide the final $200,000 needed to extend the deadline for its initial business combination. This extension was mandated by the Company Charter, and failure to secure the funds by August 31, 2022, may force the company to cease operations and liquidate. As of August 23, 2022, approximately $53.5 million was in the Trust Account, equating to a redemption price of $10.38 per Public Share. Blackstone asserts no legal obligation to fund the extension, a position the company disputes.
Ackrell SPAC Partners I Co. (Nasdaq: ACKIU, ACKIT, ACKIW) announced an extension to finalize its business combination with Blackstone Products from June 23, 2022, to September 23, 2022, following stockholder approval on June 21, 2022. Over 99% of votes supported this extension. The company will deposit $200,000 into its trust account, allowing for a further extension until July 23, 2022. Following stockholder redemptions, approximately $89 million will be removed from the trust, and the remaining public shares will total 5,154,224. The business combination aims to close in Q3 2022.
Ackrell SPAC Partners I Co. (NASDAQ: ACKIU) announced a special meeting on June 21, 2022, to vote on extending the deadline for its initial business combination from June 23, 2022, to September 23, 2022. The extension requires the Sponsor to deposit an amount equal to the lesser of $0.043 per share or $200,000 into the trust account. Shareholders can redeem their public shares until June 16, 2022, at 5:00 p.m. ET. Ackrell is focused on identifying businesses, particularly in the fast-moving consumer goods sector.
Ackrell SPAC Partners I Co. (NASDAQ: ACKIU) has announced an important update for holders of its subunits regarding the redemption of shares. The deadline to submit redemption requests has been moved to June 16, 2022, instead of the previously stated June 17. This change is linked to a proposal to extend the time for the Company to finalize an initial business combination from June 23, 2022, to September 23, 2022. Stockholders can participate in the upcoming Special Meeting online.
Blackstone Products reported substantial growth in Q1 2022, achieving net revenue of approximately $128 million, a 28% rise compared to Q1 2021. Gross profit increased by 31% to about $27 million, and Adjusted EBITDA grew by 37% to roughly $19 million. The company reaffirms its 2022 guidance, expecting net revenue of $608 million (26% growth) and gross profit of $132 million (35% growth). Blackstone is also expanding its retail presence internationally and has launched new products. The company is set to merge with Ackrell SPAC Partners I Co. (Nasdaq: ACKIU).
White Oak Global Advisors has provided a $75 million term loan to North Atlantic Imports, also known as Blackstone Products, a Utah-based distributor of outdoor cooking equipment. This loan is part of a split-lien arrangement with a Wells Fargo ABL Revolver. Albert Brandano from White Oak highlighted support for Blackstone's growth, particularly with a pending business combination with Ackrell SPAC Partners I Co., expected to transition to Nasdaq trading under the ticker 'BLKS.' Blackstone aims to leverage this capital for its future business endeavors.
Blackstone Products reported strong preliminary operating results for FY 2021, exceeding guidance due to significant revenue and EBITDA growth, despite supply chain challenges. For Q4 2021, net revenue surged 108% to $143 million, with gross profit up 192% to $34 million. Annual net revenue grew 65% to $484 million, and adjusted EBITDA rose 120% to $70 million. The company reaffirmed its 2022 revenue guidance at $608 million, a 26% increase. Additionally, Blackstone received NPD awards for gas griddles and portable grills, highlighting its market success.
Ackrell SPAC Partners I Co. (NASDAQ: ACKIU) has announced an extension of its business combination deadline to June 23, 2022, following a deposit of $1,380,000 into its trust account. This move allows the Company to extend the period needed to complete its initial business combination by three months. The funds for the extension were sourced from a promissory note issued to North Atlantic Imports, LLC, which has an existing business combination agreement with Ackrell. This is the second of two possible extensions as permitted by the Company's governing documents.
Blackstone Products announced its participation in the 24th Annual ICR Conference on January 11, 2022, at 10:30 am ET. CEO Roger Dahle and CFO James McCormick will present the company's innovative outdoor cooking solutions and its robust product line, which includes griddles and accessories aimed at enhancing outdoor cooking experiences. Ackrell SPAC Partners I Co. is a publicly-traded special purpose acquisition company focused on mergers in the branded fast-moving consumer goods sector. The presentation will be broadcast live on their Investor Relations website.
