Lionheart III Corp. (LION) Shareholders Approve Security Matters Deal

Lionheart III (NASDAQ:LION) announced in an 8-K this morning that its shareholders approved its combination with advanced materials company Security Matters (ASX:SMX) at a special meeting January 30.

The filing did not divulge redemption figures, but the SPAC’s shares spiked to a high of $14.00 on the day of the vote before settling to a close at $10.50, above its estimated trust value of $10.35 per share.

The parties announced their $244 million combination on August 26, 2022. Australia-listed Security Matters Limited is developing a hidden chemical-based “barcode” designed to irrevocably mark an object, allowing products and materials to be tracked and scanned to provide more information via blockchain technology.

Security Matters also filed this week that it generated total invoices valued at $1.4 million in full year 2022, and it had reduced its quarterly staff costs from about $857,000 in the third quarter of 2022 to $690,000 in the fourth quarter.

ADVISORS

• ClearThink Capital is serving as a financial advisor to SMX.
• EF Hutton, a division of Benchmark Investments, LLC, is serving as financial advisor to Lionheart III Corp.
• K&L Gates, Afik & Co Attorneys & Notary is serving as legal counsel to SMX.
• Arthur Cox LLP is serving as legal counsel to SMX.
• DLA Piper is serving as legal counsel to Lionheart III Corp.
• Futerra will act as SMX’s global brand strategy agency.