GLOBAL PARTNER ACQUISITION CORP. (NASDAQ:GPAC) Files An 8-K Other EventsItem 8.01 Other Events
The discussions between Global Partner Acquisition Corp. (“GPAC”) and Sequel Youth and Family Services, LLC (“Sequel”) regarding a business combination, including any related potential private placement of securities to fund the business combination as previously disclosed in GPAC’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 22, 2017, have ended. While GPAC is currently engaged in negotiations for alternative transactions with other potential targets, such negotiations are in their preliminary stages. As a result, GPAC will not be able to complete an initial business combination prior to August 4, 2017. GPAC may seek approval from its stockholders for an extension of the August 4, 2017 deadline by which it must complete a business combination.
If GPAC does not seek, or does not receive, approval from its stockholders for such deadline extension by August 4, 2017, GPAC will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable, and less up to $50,000 of interest to pay dissolution expenses) divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of GPAC’s remaining stockholders and GPAC’s board of directors, dissolve and liquidate, subject in each case to its obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.
