Outcomes
Extension
A shareholder-approved amendment giving the sponsor more time to close, almost always with a redemption window attached.
Also written: extension vote, deadline extension, charter amendment
When a deadline approaches without a closing, the sponsor calls a meeting to amend the charter. Shareholders vote, and everyone gets the chance to redeem whether they vote or not.
Sponsors often sweeten the request by contributing a monthly amount into the trust for each month of extra time, which lifts trust per share for those who stay.
Why it matters
An extension is a forced liquidity event. It tells you the sponsor could not close on the original timetable, and it usually shrinks the vehicle substantially.
Related terms
Redemption
A public shareholder's right to hand back shares for their pro-rata share of the trust, exercisable at a vote.
Combination deadline
The date in the charter by which a combination must close, or the trust is returned.
Trust per share
The trust balance divided by the public shares outstanding, which is the amount a redeeming holder receives.
See the term in the wild: the screener shows trust size, per-share value and deadlines for every U.S. SPAC, and each profile links to the filings the numbers came from.
Definitions describe market practice and are not investment, legal or tax advice.