By Olivia Poh
The proposal passed Tuesday at a special shareholder meeting of Bridgetown 2, the special purpose acquisition company backed by billionaires Richard Li and Peter Thiel. The combined entity will start trading March 18 on the New York Stock Exchange under the ticker PGRU, the company said in a regulatory filing.
Investor redemptions — or the portion of Bridgetown 2 shareholders that chose to redeem their shares for cash — was 59.3%, the company said in a statement. The number of SPAC deals that haven’t crossed the finish line has risen this year partly because of investors’ ability to redeem their stock. Redemptions also affect how much cash the company is left with.
Source: News Formal (newsformal.com)
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