Vertex Technology Acquisition Corporation (VTAC) on Dec 1 announced that 26,016,200 share or 62.53% of the company’s issued share capital of a total of 41,606,000 shares have been redeemed, as at Nov 29 (redemption record date).
The non-redeeming shareholders who hold the remaining 15,589,800 shares at the redemption record date will be entitled to the additional warrants. The non-redeeming shareholders (excluding Vertex SPV) who hold the remaining 9,589,800 Shares as at Nov 29 will be entitled to the special bonus NRS shares.
VTAC will hold its extraordinary general meeting (EGM) on Dec 1, where shareholders will vote for VTAC to complete its business combination with live streaming platform 17Live.
If the proposed business combination is not approved by shareholders at the EGM or if the proposed business combination is not completed for any reason, the redemption will not be processed and all redemption requests will be cancelled.
As stated in the circular, to minimise dilution arising from the executive incentive scheme (EIS) and the special bonus scheme, the sponsor has agreed to waive its right to the allotment and issuance of up to 6,310,600 promote shares to Vertex SPV.
Based on the level of redemption, the initial adjusted maximum promote shares (ie. the maximum number of promote shares that the sponsor is entitled to prior to April 30, 2026, being equivalent in number to the original maximum promote shares after deducting the actual special bonus shares and 2,550,000, which is the maximum number of EIS shares that may be allotted and issued by the company) is 6,832,520.
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The company will make an announcement to disclose the number of final adjusted maximum promote shares when the same is determined after the last EIS vesting date on Apr 30, 2026 as well as the vesting schedule for the allotment and issuance of the final adjusted maximum promote shares to Vertex SPV.
Along with the redemption announcement, VTAC also announced that due to an oversight, Zomake Group Holdings had been inadvertently included as one of the present directorships of Akio Tanaka in the list of present and past directorships of the proposed directors set out in Section 24.3 of the circular. Accordingly, the board of directors wishes to clarify that Zomake Group Holdings should not be included in the list of present directorships of Akio Tanaka.
Shares in VTAC are currently suspended and last traded at $4.79, some 21 cents lower than its listing price of $5.00.
