Ackrell SPAC Announces Stockholder Approval of Deadline Extension to Complete Business Combination
New York, NY, June 21, 2022 (GLOBE NEWSWIRE) -- Ackrell SPAC Partners I Co. (“Ackrell” or the “Company”) (Nasdaq: “ACKIU” for units, “ACKIT” for subunits and “ACKW” for warrants) announced that its stockholders have approved an extension of the date by which the Company must consummate a business combination from June 23, 2022 to September 23, 2022 (or such earlier date as determined by Ackrell’s board of directors) (the “Extension”) at the special meeting of stockholders held on June 21, 2022 (the “Special Meeting”). The Extension provides Ackrell with additional time to complete the previously announced proposed business combination (the “Transaction”) with Blackstone Products (“Blackstone”).
Jason Roth, Chief Executive Officer of Ackrell, commented on the results of the meeting: “We are happy to report that more than 99% of the votes cast by our stockholders supported the extension, which will allow us additional time to complete our business combination with Blackstone. With this vote of approval, we will continue to work towards completing a successful business combination to build stockholder value for this company.”
The Company will deposit $200,000 (the “Extension Payment”) into the Company’s trust account for its public stockholders (the “Trust Account”), representing $0.0388 per public subunit, which enables the Company to further extend the period of time it has to consummate its initial business combination by one month from June 23, 2022 to July 23, 2022. This extension is the first of up to three monthly extensions permitted under the Certificate of Amendment to the Company’s Amended and Restated Certificate of Incorporation approved by our stockholders at the Special Meeting and has been funded by the proceeds from a promissory note issued by the Company to North Atlantic Imports, LLC, a Utah limited liability company d/b/a Blackstone Products, which entered into a business combination agreement with the Company, among others, on December 22, 2021. The Company previously extended the period of time it has to consummate its initial business combination from December 23, 2021 to March 23, 2022 and from March 23, 2002 to June 2022.
Stockholders holding 8,645,776 shares of common stock underlying Ackrell’s public subunits exercised their right to redeem their shares for a pro rata portion of the funds in the Trust Account. As a result, approximately $89,068,505 (approximately $10.30 per share) will be removed from the Trust Account to pay such holders. Furthermore, as a result of the redemption, the one half of one warrant contained in each public subunit (resulting in an aggregate of 4,322,888 warrants) were also forfeited by such holders and automatically extinguished by the Company. Following the redemption, the Company’s remaining shares of common stock underlying its public subunits outstanding (“public shares”) were 5,154,224. Ackrell must deposit into the Trust Account for the initial extension period (commencing June 24, 2022 and ending July 23, 2022) $200,000 on or before June 30, 2022.
On December 22, 2021, Ackrell entered into a definitive business combination agreement pursuant to which it would acquire Blackstone. Upon the closing of the business combination, which is expected in the third quarter of 2022, the combined company will be named Blackstone Products, Inc. Blackstone, which had previously announced its intention to list on Nasdaq, intends to transfer the listing of the common shares of the combined company to the NYSE under the new ticker symbol, “BLKS.”