Jm Global - WYIG, W
2 Warrants + $11.50.
Drop Dead 4/30/18 extended from Jan 29 2018
The purpose of the Extension Amendment and the Trust Amendment is to allow the Company more time to complete its previously announced proposed business combination, which we refer to as the “Sunlong Business Combination”, with China Sunlong Environmental Technology
Currently, our Sponsor and our officers and directors own 81.5% of our issued and outstanding shares of common stock, including all of the Founder Shares and the Placement Shares.
Shareholders holding 963,112 public shares exercised their right to redeem such public shares into a pro rata portion of the Trust Account. As a result, an aggregate of approximately $9.6 million (or $10.00 per share) was removed from the Trust Account to pay such holders.
Was $50 now $40 mil in trust.
We are offering 5,000,000 units. Each unit has an offering price of $10.00 and consists of one share of our common stock and one warrant. Each warrant entitles the holder thereof to purchase one-half of one share of common stock at an exercise price of $5.75 per half share, subject to adjustment as described in this prospectus. Callable common > 24.
Our sponsor, Zhong Hui Holding Limited, which is an affiliate of our Chairman of the Board,
We will seek to acquire established consumer product branded businesses
Since we have no specified maximum percentage threshold for redemption in our amended and restated certificate of incorporation and since even those public stockholders who vote in favor of our initial business combination have the right to redeem their public shares, our structure is different in this respect from the structure that has been used by many blank check companies. This may make it easier for us to consummate our initial business combination. However, in no event will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001 and, in any event, the terms of the proposed business combination may require our net tangible assets to be greater than $5,000,001.
We will have only 24 months from the completion of this offering .
Tim Richerson has been our Chief Executive Officer, Chief Financial Officer and a director since inception. He is currently the Chief Executive Officer and director of HopRocket, a members-only online travel company. He previously was the President of Global Operations and a director at JM Ocean Avenue, serving in such capacities from August 2014 through June 2015. Mr. Richerson started his career at Beecham Products in 1984 and then spent over a decade at Playtex Products, Inc. In 1998, Mr. Richerson was Senior Vice President & General Manager of Rexall Sundown (then a Nasdaq-listed company), a manufacturer and distributor of health-related consumer products in the Vitamin, Diet and Sports Nutrition categories with multiple brands and sales channels, and then company President from 2000 to 2002. During that time, Rexall was sold to Royal Numico in 2000 for $1.8 billion.