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Technology & Telecommunication Acquisition Corp (OTC Pink: TETEF), also known as TETE, has entered into a non-redemption agreement with certain institutional investors, according to a recent 8-K filing with the Securities and Exchange Commission. The agreement, dated Sunday, April 14, 2025, ensures that these investors will not redeem their public shares or will cancel any previous redemption requests ahead of TETE’s extraordinary shareholder meeting scheduled for today.
In exchange for the investors’ commitment, TETE and its Sponsor have agreed to forfeit 53.2% of the Sponsor’s 560,061 ordinary shares following the approval of the proposed business combination at the shareholders’ meeting. The forfeited shares will then be issued to the investors as new shares of the post-closing company at no additional cost. These new shares will be free from liens, except for certain conditions, including securities law restrictions and agreements related to the proposed business combination.
Alternatively, investors have the option to receive a cash payment directly from TETE’s trust account instead of new shares. This cash payment will be equivalent to 53.2% of the final per-share redemption price available to company shareholders at the time of the business combination redemption deadline. To be eligible for this cash payment, the investors must retain 53.2% of their publicly traded Class A shares through the business combination redemption deadline.
This strategic move by TETE is part of its efforts to facilitate the proposed business combination, aiming to secure the necessary shareholder approval by mitigating potential share redemptions. The details of the agreement are outlined in the Exhibit 10.1 of the 8-K filing.
The information in this article is based on a press release statement from the SEC filing.
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