Opes Acquisition (stock symbol: OPES), which is going to merge with BurgerFi, held a Special Meeting of its Shareholders yesterday:
The shareholders approved the:
Proposal to amend the Company’s amended and restated certificate of incorporation to extend the date by which the Company has to complete a business combination for an additional 60 days, from September 16, 2020 to November 15, 2020
The proposal described above was approved by stockholders of 4,318,334 shares of common stock, representing 54.92% of the total issued and outstanding shares of common stock of the Company. The Company’s public stockholders holding only 497 shares elected to redeem their shares for cash in advance of the Special Meeting.
The company has not yet set a date for the Special Meeting to approve the merger, though I expect them to announce it shortly.
OPES is trading at $14.15 this morning, up $.50
Assuming that the market does not implode, I believe that OPES has a good shot at $20 once the merger closes.
An interesting note: This is OPES' fifth extension. Prior to yesterday, OPES shareholders had redeemed $73.1 million in shares. |
