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Legacy Acquisition Corp. and Onyx Enterprises have successfully completed their business combination, resulting in the formation of PARTS iD, Inc. The new entity will trade under the symbol 'ID' on NYSE American from November 23, 2020. PARTS iD focuses on digital commerce within the $400+ billion automotive aftermarket, utilizing technology to enhance consumer experiences. The leadership emphasizes growth opportunities in eCommerce and a sustainable business model aimed at profitability and market leadership.
Legacy Acquisition Corp. (NYSE: LGC) recently announced an amendment to the warrant agreement in connection with its business combination with Onyx Enterprises International. The amendment allows outstanding public and certain private placement warrants to convert into cash and shares of Class A common stock, contingent upon the closing of the business combination. Legacy successfully obtained necessary consents from public warrant holders, with the transaction expected to close on November 20, 2020. The company was initially formed to support underrepresented business leaders and promote African American entrepreneurship.
Legacy Acquisition Corp. (NYSE: LGC) announced the final results of its tender offer to purchase up to 6,122,699 shares of Class A common stock at a price of $10.5040 per share. The tender offer, which expired on November 19, 2020, saw 5,153,781 shares (84.18%) validly tendered. A total of $54.14 million will be paid to shareholders following the completion of the business combination with Onyx Enterprises International Corp. Legacy, formed to facilitate business combinations, aims to serve as a model for underrepresented business leaders.
Legacy Acquisition Corp. (NYSE: LGC) reported preliminary results of its tender offer to buy up to 6,122,699 Class A common stock shares at $10.5040 each. The tender offer, which expired on November 19, 2020, saw 5,153,781 shares (84.1750%) tendered. Legacy intends to accept all validly tendered shares, with a total consideration of approximately $54.14 million. This tender offer is part of a business combination with Onyx Enterprises. Legacy, formed to undertake mergers and acquisitions, emphasizes support for under-represented business leaders.
Legacy Acquisition Corp. (NYSE: LGC) announced that stockholders approved amendments allowing for an extension to finalize its business combination with Onyx Enterprises until December 31, 2020. During the special meeting held on November 16, 2020, shareholders also approved a trust amendment enabling a delay in liquidation if the business combination is not consummated. Notably, 37,291 shares were redeemed, removing approximately $387,200 from the trust account. Legacy remains confident that all conditions for closing are met and anticipates completing the combination before the new deadline.
Legacy Acquisition Corp. (NYSE: LGC) has announced an extension of its tender offer to purchase up to 6,122,699 shares of Class A common stock at a price of $10.5040 per share, net to the seller. The deadline for this offer has been extended to November 19, 2020. As of November 2, 2020, 666,459 shares were tendered. This move follows the Business Combination Agreement with Onyx Enterprises, providing shareholders a chance to redeem their shares in connection with the upcoming merger. Shareholders can withdraw previously tendered shares until the new expiration date.
Onyx Enterprises and Legacy Acquisition Corp. have agreed to a business combination that values Onyx at an estimated enterprise value of $331.1 million. The transaction is set to close in November 2020, allowing Onyx to leverage new cash funding for growth in the $400+ billion automotive aftermarket industry. With its digital commerce platform, CARiD.com, Onyx utilizes artificial intelligence and machine learning from extensive data points to enhance user experience. The merger is expected to position Onyx as a leader in the market while employing a competitive EV/Revenue multiple.
Onyx Enterprises and Legacy Acquisition Corp. announced a definitive business combination agreement, valuing Onyx at an enterprise value of $331.1 million, representing a significant growth opportunity in the automotive aftermarket sector. The merger, expected to close in November 2020, positions Onyx to leverage its advanced digital commerce platform, CARiD.com, supported by proprietary fitment data and machine learning. The transaction is poised to enhance Onyx's market expansion, aiming to capture a larger share of the $400 billion auto aftermarket industry, with CARiD's existing shareholders rolling 100% of their equity.
Legacy Acquisition Corp. (NYSE: LGC) announced a tender offer to purchase up to 6,122,699 Class A common shares at $10.5040 per share, totaling up to $64,313,141. The offer, effective October 5, 2020, allows shareholders to redeem their shares in connection with an upcoming business combination. The offer expires on November 4, 2020, and is not contingent on financing or a minimum number of shares being tendered. The offer aims to ensure shareholders can benefit from the business combination by retaining their shares until the closing date.
Legacy Acquisition Corp. (NYSE: LGC) announced that its stockholders approved a Charter Amendment allowing Class F and Class A common stockholders to take actions via written consent. This change aims to streamline decision-making processes, facilitating business combinations and providing flexibility for stockholders. The Special Meeting took place virtually on September 4, 2020. The amendment enhances governance by enabling more efficient shareholder actions without requiring a formal meeting.
