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Securitize says it expects to raise $400 million heading into its public debut, after less than 30% of shareholders in the acquisition firm taking it public chose to redeem their shares.
That low redemption figure is the mechanism doing the work: in acquisition-vehicle deals, shareholders who exit before closing pull cash out of the structure, reducing what the target company ultimately receives.
Redemptions Are the Number That Actually Matters Blank-check and acquisition-firm vehicles hold shareholder capital in trust until a transaction closes.
When investors vote to redeem — effectively taking their money back rather than rolling into equity in the combined company — that capital leaves the vehicle before the deal settles.
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