Barington/Hilco Acquisition Corp. Stockholders Approve Extension Of Date To Consummate Business Combination
(4 months ago)
NEW YORK: Barington/Hilco Acquisition Corp. (NASDAQ: BHAC), a special purpose acquisition corporation (the "Company"), announced today that stockholders have approved an extension of the date by which it must complete a business combination (the "Extension").
The Extension allows the Company until June 30, 2018 to complete a business combination.
Following redemptions associated with the Extension, a total of approximately $9.2 million remains in the Company's trust account.
In connection with the Extension, the Company agreed to contribute to the trust account $0.04 for each public share that was not converted in connection with the stockholder vote to approve the Extension, for each 30-day period, or portion thereof, that is needed by the Company to complete a business combination until June 30, 2018 (the "Contribution").
This will increase the pro rata portion of the funds available in the trust account in the event of the consummation of a business combination or a liquidation from approximately $10.48 per share to approximately $10.71 per share, assuming the Company takes the full time through June 30, 2018 to complete a business combination.
The Company has funded the Contribution in the amount of $105,356.28 in the trust account for the three-month period from December 31, 2017 until March 31, 2018.