SEC Filing Summary: Global Partner Acquisition Corp. (8-K)
Business Context and Reporting Period
This Form 8-K was filed on August 4, 2017, reporting events occurring on August 3, 2017. The registrant is Global Partner Acquisition Corp., a Special Purpose Acquisition Company (SPAC) incorporated in Delaware. The filing details a special meeting of stockholders held to approve extensions of the company's deadline to consummate an initial business combination.
Key Financial Metrics and Liquidity
The filing does not provide comprehensive financial statements, revenue, profit, or operating margin data. Key liquidity and capital structure events reported include:
- Share Redemptions: Shareholders holding 3,416,480 public shares exercised their right to redeem shares.
- Cash Outflow: Approximately $34.3 million was removed from the Trust Account to pay redeeming shareholders.
- Trust Account Status: The liquidation date for the Trust Account was extended from August 4, 2017, to November 6, 2017 (or February 5, 2018, contingent on executing a definitive agreement by November 6, 2017).
Material Changes Versus Prior Period
The primary material change is the extension of the company's operational timeline. Previously, the company was required to complete an initial business combination or cease operations by August 4, 2017. Following the stockholder vote, this deadline was extended to November 6, 2017, with a potential further extension to February 5, 2018 if a definitive agreement is executed by the November deadline.
Guidance, Outlook, and Management Commentary
Management secured stockholder approval for three key proposals to facilitate the search for a target business:
- Extension Amendment Proposal: Approved to extend the deadline for consummating an initial business combination.
- Trust Amendment Proposal: Approved to extend the date for commencing liquidation of the Trust Account.
- Adjournment Proposal: Approved to allow for further solicitation of proxies if necessary.
Voting Results:
- Extension and Trust Amendments: 18,766,619 votes For; 66,742 votes Against.
- Adjournment Proposal: 18,766,619 votes For; 64,742 votes Against; 2,000 Abstain.
The filing does not provide specific guidance on future revenue or identify specific target companies. The primary risk remains the company's ability to complete a business combination by the new deadlines to avoid liquidation.
Investor Verification Checklist
- Verify the remaining balance in the Trust Account following the $34.3 million redemption payout.
- Confirm the specific terms of the "definitive agreement" required to trigger the February 5, 2018, extension deadline.
- Monitor subsequent filings for the identification of a target company for the initial business combination.
- Review the Amendment to the Trust Agreement (Exhibit 10.1) for any changes to interest accrual or withdrawal restrictions.