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In a recent filing with the U.S. Securities and Exchange Commission (SEC), Slam Corp., currently valued at $252.82 million and trading at $10.78 per share, announced the adjournment of its extraordinary general meeting of shareholders initially scheduled for today, Monday, to Wednesday, December 18, 2024. The meeting's purpose is to vote on a proposed amendment to the company's amended and restated memorandum and articles of association.
This amendment aims to extend the deadline for Slam Corp. to complete a business combination from December 25, 2024, to March 25, 2025, with the possibility of further monthly extensions until June 25, 2025, if approved by the board of directors.
The adjournment was decided after the approval of shareholders, with approximately 88.96% of the voting power present in person or by proxy. The only matter voted on was the adjournment proposal, with 19,192,918 votes for, 1,670,872 against, and 338 abstentions. The meeting will be accessible via a live audio webcast or by phone, with the opportunity for shareholders to submit questions in advance or live during the meeting.
Furthermore, Slam Corp. has extended the deadline for shareholders to withdraw any previously submitted redemption requests until 9:00 a.m. Eastern Time on December 18, 2024. As of now, 8,707,028 public shares have been tendered for redemption.
According to InvestingPro data, the company faces financial challenges with a current ratio of 0.01, indicating significant short-term liquidity constraints. Get access to over 30 additional financial metrics and exclusive insights with InvestingPro. Shareholders wishing to reverse their redemption requests may contact the company's transfer agent.
InvestingPro analysis reveals that the stock generally trades with low price volatility and is currently trading near its 52-week high of $11.63. Unlock comprehensive financial analysis and real-time alerts by subscribing to InvestingPro today.
In other recent news, Slam Corp. has announced several significant developments related to its proposed merger with Lynk Global Inc. The company has extended the deadline for completing the merger, which now requires shareholder approval. This extension aims to provide additional time to finalize the complex transaction involving multiple entities, including Lynk, Topco, and two wholly-owned subsidiaries of Slam Corp.
Slam Corp. has also amended its business combination agreement with Lynk Global Inc., modifying the process for designating directors on the Topco board and the New Slam Certificate of Incorporation. Additionally, Slam Corp. has increased the principal amount of a promissory note issued to its sponsor, Slam Sponsor, LLC, ensuring additional funding as the merger progresses.
The company has reported negative earnings per share of -$0.03 over the last twelve months, underscoring the importance of these recent developments. According to the analysis from InvestingPro, Slam Corp. maintains a weak financial health score, making these moves particularly crucial for investors.
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