Barington/Hilco investors approve extension of date to consummate combination
Barington/Hilco Acquisition said that stockholders have approved an extension of the date by which it must complete a business combination. The Extension allows the company until June 30, 2018 to complete a business combination. Following redemptions associated with the Extension, a total of approximately $9.2M remains in the company's trust account. In connection with the Extension, the company agreed to contribute to the trust account 4c 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 until June 30, 2018. 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 $10.48 per share to approximately $10.71 per share, assuming the company takes the full time through June 30, 2018 to complete a business combination. The company has funded the Contribution in the amount of $105,356.28 in the trust account for the three-month period from December 31, 2017 until March 31, 2018.