2020-11-27 08:10:18 TDAC Trident Acquisitions Corp.
11/27/20 11/2708:10 11/27/2008:10 | Trident Acquisitions Corp. files poxy supplement on business combinationTrident Acquisitions announced that it has filed a proxy supplement to its annual meeting proxy statement. The Supplement explains certain changes to the terms under which Trident can extend its available time to complete a business combination. If stockholders approve the amendment to Trident's certificate of incorporation at the November 30, 2020 stockholder's meeting, which allows Trident the ability to extend the date by which it has to complete a business combination by an additional three months and with an ability to further extend for an additional three months if approved by Trident's board of directors, Trident will be required to deposit additional funds into the trust account under the following terms: With respect to the first month of the extension, Trident or its insiders must deposit $0.05 for each public share of common stock that has not redeemed in connection with the Annual Meeting, and such deposit must take place on or prior to December 1, 2020. For each month of the extension thereafter, if the daily volume weighted average price of Trident's common stock for any 10 consecutive trading days in the prior month is below $11.40 per share, as determined two trading days prior to the last day of such month, Trident or its insiders are required to deposit $0.05 into Trident's trust account for each public share of common stock that has not redeemed in connection with the Annual Meeting. On November 19, 2020, Trident announced a binding letter of intent to combine with Lottery.com, a leading online platform to play the lottery from your phone, offering official state-sanctioned lottery games in the U.S. and around the world. The parties intend to execute a definitive agreement and currently anticipate closing the business combination in first quarter of 2021. |
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