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Stratim Cloud Acquisition Corp. (NASDAQ:SCAQ) announced a binding letter-of-intent for a business combination with Force Pressure Control, a profitable company in the energy services market. The deal includes acquiring 100% of Force's equity for 12 million shares of SCAQ Class A Common Stock and $120 million in cash or notes, with potential earnouts based on 2023 EBITDA performance. The proposed business combination is anticipated to be completed by Q1 2023, pending due diligence and board approvals. This strategic move aims to enhance SCAC's presence in oil production and geothermal clean energy markets.
On May 28, 2021, Stratim Cloud Acquisition Corp. announced it failed to file its Quarterly Report on Form 10-Q for the fiscal quarter ending March 31, 2021, by the due date due to accounting complexities related to warrants under the SEC Staff Statement. Consequently, the company received a notice from Nasdaq indicating non-compliance with Listing Rule 5250(c)(1). Stratim Cloud must file the 10-Q by November 27, 2021, to regain compliance, with the possibility of submitting a compliance plan for an extension if necessary.
Stratim Cloud Acquisition Corp. (Nasdaq: SCAQU) announced that starting May 3, 2021, unit holders from its March 16, 2021 IPO can separate their units into shares of Class A common stock and redeemable warrants. Units will continue trading under the symbol SCAQU, while the separated shares will trade under SCAQ and SCAQW. No fractional warrants will be issued upon separation. The offering was underwritten by BofA Securities and Cowen. This announcement is part of the Company's strategy as a special purpose acquisition company targeting the technology sector.
Stratim Cloud Acquisition Corp. announced the pricing of its initial public offering (IPO) at $10.00 per unit, offering 25,000,000 units on Nasdaq under the ticker symbol “SCAQU” starting March 12, 2021. Each unit comprises one share of Class A common stock and one-third of a redeemable warrant, with a full warrant allowing the purchase of one share at $11.50. The offering may include an additional 3,750,000 units for over-allotments. The Company, focused on the technology sector, is a blank check company seeking to merge or acquire businesses.
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