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Focus Impact BH3 Acquisition Co (OTC Pink: BHAC), a special purpose acquisition company (SPAC) with a current market capitalization of $41.87 million, has announced an extension to the deadline for completing its planned business combination. According to InvestingPro data, the stock has experienced significant volatility recently, trading at $10.16, near its 52-week low. On Monday, the company's stockholders approved an amendment to extend the merger completion date from April 7, 2025, to May 7, 2025. The amendment also allows for monthly extensions of up to five additional months, if necessary, upon board resolution and sponsor request.
This decision was made during a special meeting of stockholders on April 7, where the Extension Amendment Proposal was passed with nearly unanimous consent. The company subsequently filed the Extension Amendment with the Secretary of State of Delaware.
The special meeting saw a strong turnout, with approximately 75.45% of the voting power of the company's shares represented, achieving a quorum. The Adjournment Proposal, which would allow for further adjournment of the meeting if required, was not presented as the Extension Amendment Proposal received sufficient votes for approval.
In conjunction with the vote on the Extension Amendment Proposal, a significant number of shareholders exercised their right to redeem their shares for cash. Specifically, holders of 1,208,635 Class A Common Stock shares opted for redemption at approximately $10.83 per share, totaling around $13.1 million. Following these redemptions, Focus Impact BH3 now has 4,103,489 shares of Class A Common Stock and 1,608,333 shares of Class B Common Stock outstanding. InvestingPro analysis reveals concerning financial metrics, including a weak overall Financial Health score and a current ratio of 0.01, indicating potential liquidity challenges.
The company's pursuit of a business combination with XCF Global Capital, Inc. was initially approved on February 27, 2025. Focus Impact BH3 and XCF have expressed their expectations for future performance and financial impacts of the merger, despite the forward-looking nature of these statements being subject to various risks and uncertainties.
The information in this article is based on a press release statement from Focus Impact BH3 Acquisition Co. For deeper insights into SPAC investments and comprehensive financial analysis, including 8 additional key ProTips for this stock, consider subscribing to InvestingPro, your essential tool for making informed investment decisions.
In other recent news, Focus Impact BH3 Acquisition Co has been actively progressing toward a significant merger with XCF Global Capital, Inc., with stockholders voting overwhelmingly in favor of the business combination. The merger is anticipated to conclude in March 2025, enabling the newly formed entity to trade on The Nasdaq Capital Market. Additionally, XCF Global Capital, Inc. has entered into a promissory note agreement with GL Part SPV I, LLC for $1.2 million, which is unsecured and bears an interest of $0.2 million. This financial move was complemented by XCF's acquisition of New Rise Renewables for an adjusted purchase price of $1.1 billion. In terms of management changes, Simon Oxley has been appointed as the Chief Financial Officer of Focus Impact BH3 Acquisition Co, while two current executives have announced their upcoming retirements. Furthermore, XCF has established a strategic consulting agreement with Focus Impact Partners, LLC, which includes an annual consulting fee. The company also disclosed the waiver of lock-up restrictions related to the business combination, affecting the transferability of shares.
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