Barington/Hilco Acquisition holders approve extension date of combination
Barington/Hilco Acquisition announced that stockholders have approved an extension of the date by which it must complete a business combination. The extension allows the company until December 31, 2017 to complete a business combination. Following redemptions associated with the Extension, a total of approximately $15 million will remain in the company's trust account. In connection with the Extension, the Company's sponsors agreed to contribute to the Company as a loan $0.025 for each public share that was not converted in connection with the stockholder vote to approve the Extension, for each 30-day period, or portion thereof, that is needed by the company to complete a business combination. This will increase the pro rata portion of the funds available in the trust account in the event of the consummation of a business combination or a liquidation from approximately $10.36 per share to approximately $10.48 per share, assuming the company takes the full time through December 31, 2017 to complete a business combination. On May 12, 2017, the company entered into a merger agreement with Oomba, a specialized social media and software development company. The purpose of the Extension is to provide Oomba additional time to complete an audit of its financial statements so that the parties may proceed with closing the transactions contemplated by the Merger Agreement.