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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.
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.
