Abri SPAC I (NASDAQ:ASPA) stock is rising higher on Wednesday after the special purpose acquisition company (SPAC) announced results from a shareholder meeting.
During that meeting, Abri SPAC I allowed shareholders to vote on several matters. Among these was the company’s business combination proposal.
The big news here is that investors voted in favor of the company’s business combination. This opens the way for the SPAC to merge with Logiq (OTCMKTS:LGIQ).
The deal also includes DLQ, which is a subsidiary of DLQ Parent. That would see it combine with a merger sub of Abri SPAC I and act as the surviving company of the merger. All of this would take place before the SPAC merges with Logiq.
The final portion of the merger deal will result in Logiq’s shares joining the Nadaq Exchange without the need for an uplisting.
Other ASPA Shareholder Meeting Votes
The shareholder meeting also saw investors vote on a charter proposal to rename the company and increase its share count. It also included a vote to adjust bylaws around director selection, as well as new governance provisions and approval for director nominations.
ASPA stock is up 40.8% on Wednesday as some 100,000 shares changed hands. For the record, its daily average trading volume is closer to 8,000 shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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