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AltEnergy Acquisition Corp, a company specializing in motor vehicle parts and accessories with a current market capitalization of $75.33 million, has announced an extension to its timeline for completing a business combination. On Tuesday, the Delaware-incorporated company held a special meeting where stockholders voted in favor of amending the company’s Amended and Restated Certificate of Incorporation. This amendment extends the deadline for AltEnergy to consummate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination from May 2, 2025, to May 1, 2026.
The special meeting, which took place on Sunday, April 23, 2025, saw an overwhelming majority of stockholders approve the proposal, with 5,831,634 votes for the extension, 3 against, and none abstaining. Approximately 89.9% of the total shares of common stock were represented at the meeting, ensuring a quorum.
Following the approval, AltEnergy filed the required amendment with the Secretary of State of Delaware on Monday, April 25, 2025. As part of this process, stockholders holding 221,949 Class A Shares exercised their right to redeem their shares. Consequently, $2,603,924.74, equating to roughly $11.73 per share, will be withdrawn from the company’s trust account to pay these shareholders.
The extension allows AltEnergy additional time to identify and complete a business combination, which is a common practice for companies structured as special purpose acquisition companies (SPACs). AltEnergy’s Class A common stock and warrants are currently traded on the OTC Pink Open Market under the symbols AEAE and AEAEW, respectively. Units consisting of one share of Class A common stock and one-half of one warrant are also traded under the symbol AEAEU, currently priced at $10.82. According to InvestingPro data, the stock has seen a -7.36% total return over the past year, with trading volume remaining notably low at near-zero levels over the past three months.
The decision to extend the deadline comes as SPACs face increasing scrutiny and a challenging market environment, with many seeking additional time to find suitable merger targets. This move by AltEnergy signals the company’s ongoing efforts to find a strategic partner and fulfill its investment thesis. InvestingPro analysis reveals the company’s current financial position includes a diluted EPS of -$0.40 and a price-to-earnings ratio of -29.25, metrics that underscore the importance of securing a successful business combination. For deeper insights into SPAC opportunities and comprehensive financial analysis, investors can access additional ProTips and metrics through InvestingPro’s advanced screening tools.
This news is based on a press release statement and the recent SEC filing by AltEnergy Acquisition Corp.
In other recent news, AltEnergy Acquisition Corp has appointed CBIZ (NYSE:CBZ) CPAs P.C. as its new auditor following the resignation of Marcum LLP. This change comes after CBIZ acquired Marcum’s attest business, with Marcum’s previous reports including a "going concern" qualification due to uncertainties about AltEnergy’s ability to complete a business combination. The company has identified material weaknesses in its financial reporting, leading to restatements for various periods. Additionally, AltEnergy has extended its deadline for completing an initial business combination to May 2, 2025, marking the sixth extension since stockholders approved amendments to extend the original deadline. These extensions are part of the company’s ongoing efforts to finalize a merger or similar business combination. The board has utilized the option to extend the deadline multiple times, with the first extension announced in October 2024. AltEnergy’s securities are traded on the OTC Pink Open Market, with warrants allowing for the purchase of Class A common stock.
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