Boulevard Acquisition - BLVDU, W
Warrant - 1 + $11.50.
Final Trust was 10.07.
Boulevard 1 merged with Agrifresh.
Marc Lasry - Avenue Capital
ESTR Warrants not exercisable post deal even by share exchange. Has to hit minimum time since spac went public.
Common traded up to 13. Non exercisable at big discount. Common hard to borrow.
Deal done primarily by pipe financing.
Looks like about 1 million shares were not redeemed. 35 million were. $128mm came from a pipe financing. $11mm from trust.
Jan 24 registration statement.
"In connection with consummation of the Transaction, the holders of Estre USA’s ( this is the spac) public shares were permitted to elect to redeem their public shares for cash. Holders of 35,886,555 public shares of Estre USA elected redemption at a price of approximately $10.07 per share.....
As a result of the Merger and the PIPE Investment, we received a total US$139.9 million cash investment, (comprising US$11.2 million from existing shareholders of Estre USA that did not redeem their public shares in connection with the Merger, and US$128.7 million from the proceeds of the sale of our ordinary shares to PIPE Investors),"
Boulevard and Estre amended terms. December 13.
Private Place works out to $8.33 per share and includes 1 warrant per approximately 4.2 shares
A number of unrelated institutional investors have agreed to purchase in a private placement, Ordinary Shares of New Estre for an aggregate purchase price of approximately US$130 million, thereby bringing potential gross proceeds to Estre of between $130 million and $500 million, depending on the level of redemptions by existing Boulevard shareholders.
While the per share sale price of the Ordinary Shares in the private placement is $10.00 per share, the purchasers in the private placement will receive from New Estre at closing an additional two Ordinary Shares for each 10 shares purchased. Accordingly, approximately 15.6 million Ordinary Shares will be issued in the private placement. The issuance of 2.6 million incremental shares, in addition to the 13 million shares issued in respect of the investment of $130 million, will be neutral to Boulevard’s other stockholders in light of the previously agreed forfeiture of shares by Boulevard’s sponsor referred to below.
o In addition, 3,748,600 warrants to purchase Ordinary Shares at $11.50 per share will be issued as further consideration to the largest private placement investor. The issuance of warrants is neutral to Boulevard’s other stockholders due to a corresponding agreement by Boulevard’s sponsor to forfeit an equal number of warrants that it currently holds.