Altimar Acquisition Corp. III (ATAQ) Adjourns Extension Vote

Altimar Acquisition Corp. III (NYSE:ATAQ) announced in an 8-K this afternoon that it adjourned its extension vote today without concluding any business and will reconvene the special meeting at 12:30 pm ET March 3.

About 81.4% of the company’s outstanding shares participated in the meeting, so turnout was not an issue, but it appears that redemption levels are not yet where the SPAC wants them. It noted in an earlier proxy that should the company’s trust drop below $40 million as a result of the vote, it may opt to forgo the extension and liquidate.

Altimar III announced yesterday that it had secured non-redemption agreements covering 95,760 shares and it could be working to expand that number. When the special meeting reconvenes, shareholders will consider a proposal to extend the SPAC’s transaction deadline from March 8 to September 8.

It currently has about $158.5 million in trust with a pro rata redemption rate of $10.21. Altimar III hasn’t announced a business combination yet, but intends to concentrate its efforts on combining with a company in the TMT, healthcare, financial services, or consumer industries.

The Altimar team earlier completed a combination with Owl Rock Capital Group and the Dyal Capital Partners division of Neuberger Berman Group LLC to form Blue Owl Capital Inc. (NYSE:OWL) in May 2021. With its second vehicle, the team then completed another deal with on-demand manufacturing firm Fathom (NASDAQ: FTHM) in December 2021. These de-SPAC’d companies last closed at $12.41 and $4.84, respectively.