Ribbon Acquisition enters subscription deal for up to 4,100,000 shares at redemption price
RIBB•Subscription agreement with Meteora
- Ribbon Acquisition Corp. signed a subscription agreement with Meteora to buy up to 4,100,000 shares in the post-merger company.
- Shares would be sold at the SPAC redemption price, subject to a 9.9% beneficial ownership cap unless waived by Meteora.
- Purchases are tied to an OTC equity prepaid forward transaction that can include open-market “recycled” shares alongside newly issued shares.
- Proceeds to Meteora under the structure are funded from the SPAC trust account following the business combination closing.
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