Jensyn Acquisition Corp. Now PECK
2/27/19 announces deal.
Extended expiration July 2,2019.
Trust ~ $11.01 Jan 2019. + .05/mo. Will be $11.30 on 7/2/19.
2 warrants plus $11.50. Call 15.
Rights 1/10.
IPO Trust was 10.35
Add $.05 per month during the period beginning on January 4, 2019 and ending on the earlier of July 2, 2019 Would be $11.30 per share at July 2, 2019.
Public shares still out ~550,000 after Jan 19 redemptions.
Public IPO was 3.9mm units, so 3.9 rights would add 390,000 common on completion of merger.
December 10, 2018. On the record date, there were 2,005,567 outstanding shares of Company common stock including 736,067 outstanding public shares.
In January 2019, the Company’s stockholders voted to extend the date by which the Company must complete its initial business combination from January 3, 2019 to July 2, 2019. In conjunction with this meeting, certain of the Company’s stockholders elected to redeem 186,085 shares of the Company’s common stock and $2,049,381 (approximately $11.01 per share) was paid to these stockholders from the Trust Account.
On February 26, 2019, the Company entered into a Share Exchange Agreement (the “Exchange Agreement”) with Peck Electric Co, a commercial solar contractor, and its shareholders (the “Peck Stockholders”). The material terms of the Exchange Agreement are summarized below.
Upon the closing (the “Closing”) of the transactions contemplated by the Exchange Agreement, the Peck Stockholders will exchange their shares of capital stock in Peck Electric for 3,234,501 shares of the Company’s common stock (the “Share Exchange”), representing approximately 59% of Jensyn’s outstanding shares after giving effect to the business combination.
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June 06, 2018 -- Jensyn approved an extension to September 3, 2018. Stockholders holding an aggregate of 1,244,227 shares of common stock redeemed. ~ $13,251,,017 removed leaving ~ $8.8mm in trust. Currently $10.65 will be $10.78 at 9/3.
On May 30, Jensyn clarified it will add $.042 per month . Trust from approximately $10.65 per share on June 4, 2018 to approximately $10.78 per share at September 3, 2018.
The .126 addition is ~1.34% return over 3 months.
April 27 Receives letter of termination from BAE.
Jensyn will meet June 4 to extend 90 days to September 3. Trust at June 4 will be 10.65. No additional money will be added. Still pursuing BAE deal which Bae terminated. Approval of the Charter Amendment and the Trust Amendment requires the affirmative vote of holders of at least 65% of the outstanding shares of common stock sold in our IPO.
March 06, 2018 Jensyn Extends to June 5, 2018. - 1,825,506 shares of common stock redeemed - leaving approximately $22,030,102 in trust after the deposit of an additional $.09 per share in the trust for each public share that was not converted. Increased trust from approximately $10.53 per share on March 5, 2018 to approximately $10.62 per share.
Jensyn Acquisition obtained the extension to provide time for the Company to complete its previously announced business combination with BAE Energy Management, LLC (“BAE”
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Jensyn meeting March 5 to extend to June 5 Will add $0.09 to trust. Record date to vote or redeem set
Feb 9. Link Trust = 10.53. Will be 10.62. Must vote to redeem. If not extende all will be redeemed for trust.
Merger meeting - March 5 , 2018, at 9:00 A.M., Eastern Time, at the offices of Loeb & Loeb LLP, 345 Park Avenue, New York, New York 11797
Based on funds in the trust account of approximately $41,019,192 on January 30, 2018, the estimated per share redemption price would have been approximately $10.52.
3,900,000 Units
You must exercise warrants in multiples of two warrants, at a price of $11.50 per full share of common stock
The initial per public share redemption or conversion price will be $10.35 per share regardless of whether the over-allotment option is exercised.
Each unit that we are offering has a price of $10.00 and consists of one share of common stock, one right to receive one-tenth (1/10) of a share and one warrant. Each warrant entitles the holder thereof to purchase one-half of one share of our common stock. We will not issue fractional shares. As a result, you must exercise warrants in multiples of two warrants, at a price of $11.50 per full share of common stock,
Redeemable if, and only if, the last sale price of our common stock equals or exceeds $15.00 per share for any 20 trading
We will have until 18 months from the closing of this offering to consummate our initial business combination. However, if we anticipate that we may not be able to consummate our initial business combination within 18 months, we may extend the period of time to consummate a business combination up to two times, each by an additional three months (for a total of up to 24 months to complete a business combination). Our ability to extend the time available for us to consummate our initial business combination will be conditioned upon the deposit by our initial stockholders or their affiliates or designees into the trust account of $200,000 prior to the applicable deadline for each three month extension.