Alpha Partners Technology Merger Reverses Liquidation Decision; Mulls Selling Sponsor Stake | SPAC Feed

Alpha Partners Technology Merger today announced that it has postponed a liquidation decision disclosed earlier this month. The SPAC said it has been approached by a number of groups seeking to acquire the sponsor’s interests that would continue funding until Alpha Partners is able to complete a business combination.

The SPAC’s board is evaluating the proposals with an eye toward possibly engaging in a transaction that would enable the stockholders to receive the value that would come from successfully completing a merger.

Alpha Partners Technology raised $250 million in a July 2021 IPO with plans to acquire a technology business which addresses large and acute market needs or pain-points via the application of software or technology-enabled business models. In the SPAC’s initial s-1 filing, the sponsor agreed to purchase 800,000 units (or 875,000 units if the underwriters‘ over-allotment option was exercised in full), at $10 per unit in a private placement.

Initial shareholders owned 7,187,500 units, with each consisting of one Class B share and one-third of a warrant (up to 937,500 of which units were subject to forfeiture). The Class B shares automatically convert into Class A shares at the time of a business combination. Read more.

Source: Alpha Partners Technology Merger Reverses Liquidation Decision; Mulls Selling Sponsor Stake

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• Source: https://spacfeed.com/alpha-partners-technology-merger-reverses-liquidation-decision-mulls-selling-sponsor-stake