Griddle maker Blackstone Products and Ackrell SPAC Partners got the votes they needed yesterday to avoid dissolution of their SPAC merger. They had previously filed a proxy statement announcing a vote at a Special Meeting to delay their business combination from June 23, 2022 to September 23, 2022.
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.Jason Roth, Chief Executive Officer of Ackrell
According to a press release filed with the SEC, the extension is the first of up to three monthly extensions permitted under the amendment that was voted on at the meeting.
Ackrell SPAC Partners and Blackstone had announced their plan to go public through a business combination last December. Since then, there have been several delays in the process. There hasn’t been any information released on the cause of the delays.
With a potential recession looming and a slowdown in SPAC activity, it doesn’t seem advantageous to delay an IPO. It could result in a lower IPO price or the deal could fall through all together.
This delay does have some new benefits for investors. It will allow them to see another quarter of operating results prior to their IPO and hopefully some new products.