Note 9 — Subsequent Events
On January 11, 2018, the Company withdrew $8,703 from the trust to pay franchise taxes.
On March 5, 2018 the Company held a special meeting of stockholders at which the Company’s stockholders approved an amendment to the Company’s amended and restated certificate of incorporation which extended the date by which the Company must complete its initial business combination from March 7, 2018 to June 5, 2018. In addition, stockholders holding an aggregate of 1,825,506 shares of common stock exercised their right to convert their shares into cash in connection with the extension, leaving approximately $22,030,102 of cash in trust after giving effect to the conversions (approximately $19,222,900 was paid from the trust for the conversions on March 6, 2018) the deposit of an additional $.09 per share in the trust for each public share that was not converted. This deposit increased funds available in the Company’s trust account for the conversion of shares in connection with a business combination or a liquidation from approximately $10.53 per share on March 5, 2018 to approximately $10.62 per share as of such date.
On March 7, 2018, the Company deposited $186,704 into trust as a result of the 2,074,494 public shares of common stock that were not converted at the March 5, 2018 special meeting. This deposit was funded by $180,000 of loans from Jensyn Capital LLC, an entity owned by certain of the Principal Shareholders, and $6,704 from the Company.
Subsequent to December 31, 2017, the Company received $140,000 of loans from certain of the Principal Shareholders and their affiliates that were used to fund the operations of the Company and $180,000 of loans from Jensyn Capital LLC, an entity owned by certain of the Principal Shareholders, to fund the 90 day extension of time by which to complete its initial Business Combination that was approved at the March 5, 2018 special shareholder meeting.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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Other recent filings from the company include the following:
Notification of inability to timely file Form 10-Q or 10-QSB - Nov. 13, 2018