BENESSERE CAPITAL ACQUISITION CORP.

(BENE)
Real-time Estimate Cboe BZX  -  05/18 08:22:49 am EDT
10.28 USD    0.00%
05/16BENESSERE CAPITAL ACQUISITION CORP. Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)
AQ
04/12BENESSERE CAPITAL ACQUISITION : Initial Statement of Beneficial Ownership (Form 3)
PU
04/12BENESSERE CAPITAL ACQUISITION CORP. Management's Discussion and Analysis of Financial Condition and Results of Operations. (form 10-K)
AQ
SummaryQuotesChartsNewsCompanyFinancials 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Trump deal partner's blank-check firm seeks to avoid liquidation

01/05/2022 | 08:58pm EDT
FILE PHOTO: Former U.S. President Trump

(Reuters) - The chief executive of the blank-check acquisition firm that plans to merge with former U.S. President Donald Trump's new social media venture is chasing retail investors to save another of his deals from falling apart.

According to regulatory filings and a person familiar with the matter, Benessere Capital led by Patrick Orlando has postponed its special shareholders' meeting to extend its deadline to complete a merger because not enough investors sent in their votes.

The special shareholder meeting has been rescheduled to Jan. 7, the previously set date for Benessere to close a deal, from Jan. 5. If Benessere Capital can't secure enough shareholder votes to extend the deadline by then, the special purpose acquisition company (SPAC) will face the risk of being dissolved.

Orlando's other SPAC, Yunhong International, liquidated last year, citing its "inability to consummate an initial business" within the deadline stipulated as per the company's regulations in its filings.

As retail participation in SPACs rose since 2020, it can post challenges for SPACs to chase down individual investors and gather enough shareholder votes from them. Lucid Group(LCID.O), a highly popular SPAC target among retail investors, had struggled to get enough votes to approve its merger last year.

SPACs usually hire proxy solicitors to contact retail investors to vote through mails and by phone. Retail investors account for over 60% of Benessere's shareholders, according to the source.

When Orlando's other SPAC, Digital World Acquisition Corp (DWAC.O), announced its plan to merge with Trump's new social media company, many retail investors flocked into the stock as well as Benessere.

Benessere has agreed to combine with hydrogen fuel supplier eCombustible in November, valuing the energy firm at $805 million.

A SPAC is a publicly listed shell company that raises funds intending to merge with a private company within a deadline ranging from 12 to 24 months.

(Reporting by Krystal Hu in Toronto; editing by Greg Roumeliotis and Grant McCool)

By Krystal Hu


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BENESSERE CAPITAL ACQUISITION CORP. 0.00% 10.28 Delayed Quote.1.38%
DIGITAL WORLD ACQUISITION CORP. 1.01% 46.21 Delayed Quote.-10.15%
LUCID GROUP, INC. 2.82% 17.85 Delayed Quote.-53.09%
All news about BENESSERE CAPITAL ACQUISITION CORP.
05/16BENESSERE CAPITAL ACQUISITION CORP. Management's Discussion and Analysis of Financial ..
AQ
04/12BENESSERE CAPITAL ACQUISITION : Initial Statement of Beneficial Ownership (Form 3)
PU
04/12BENESSERE CAPITAL ACQUISITION CORP. Management's Discussion and Analysis of Financial ..
AQ
04/12Benessere Capital Acquisition Corp. Reports Earnings Results for the Full Year Ended De..
CI
04/06BENESSERE CAPITAL ACQUISITION : ECombustible Energy Receives $11.2 Million Strategic Inves..
PU
04/06BENESSERE CAPITAL ACQUISITION CORP. : Other Events, Financial Statements and Exhibits (for..
AQ
03/21BENESSERE CAPITAL ACQUISITION : ECombustible Energy Awarded Construction and Environmental..
PU
03/21BENESSERE CAPITAL ACQUISITION CORP. : Regulation FD Disclosure, Financial Statements and E..
AQ
02/22Trump-linked SPAC's shares surge as Truth Social app tops Apple downloads
RE
01/13BENESSERE CAPITAL ACQUISITION CORP. : Entry into a Material Definitive Agreement, Creation..
AQ
More news
Financials (USD)
Sales
Net income
Net Debt
P/E ratio
Yield
Capitalization 141 M 141 M -
EV / Sales -1
EV / Sales 0
Nbr of Employees -
Free-Float 77,4%
Chart BENESSERE CAPITAL ACQUISITION CORP.
Duration : Period :
Benessere Capital Acquisition Corp. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BENESSERE CAPITAL ACQUISITION CORP.
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Managers and Directors
Patrick Francis Orlando Chairman & Chief Executive Officer
Francisco Osvaldo Flores García Chief Financial Officer & Secretary
Guillermo Cruz Reyes Chief Operating Officer
Eric Swider Independent Director
Justin L. Shaner Independent Director
Sector and Competitors
1st jan.Capi. (M$)
BENESSERE CAPITAL ACQUISITION CORP.1.38%141
INVESTOR AB (PUBL)-18.84%56 871
CK HUTCHISON HOLDINGS LIMITED10.24%27 086
GROUPE BRUXELLES LAMBERT SA-12.59%13 172
HAL TRUST-8.50%12 183
AB INDUSTRIVÄRDEN (PUBL)-12.79%10 891