Extension Vote Results: Opes Acquisition Corp. (OPES)

Opes Acquisition Corp. (OPES)

Opes Acquisition Corp. (OPES) filed an 8-K this afternoon detailing the results of yesterday’s shareholder vote to extend their completion deadline from September 16, 2020 to November 15, 2020.  The extension amendment was approved by a wide margin and the company will not be making any contribution to trust going forward.

Furthermore, just 497 shares opted to redeem ahead of the Special Meeting taking a negligible sum from Opes’ trust. It has an estimated $10.66 in per share in trust – about $48.4m in total – but finished trading today at $13.65. Although the company received 36,533 votes against the two-month extension, it appears this minority is prepared to wait it out.

Opes announced its $143 million combination with fast casual chain BurgerFi June 30, but teased a letter-of-intent with the franchise June 8. By asking for just two months more, it appears that this SPAC combo with a side of fries is nearing its close.