Breeze Holdings Acquisition Corp. (NASDAQ:BREZ) (the "Company"), today announced that in connection with its upcoming Special Meeting of Stockholders, the Company has already received proxies representing approximately 75.8% of the Company's total outstanding shares to approve the proposal to extend the date by which the Company must consummate a business combination until as late as June 26, 2024 (the "Proposal"). This is well in excess of the percentage of votes required to approve the Proposal. However, please note that all proxies received by the Company may be revoked at any time before they are exercised at the Special Meeting, which is scheduled to be held on September 22, 2023, at 10:00 a.m. Eastern Time.
The purpose of the Proposal is to allow the Company additional time to complete its initial business combination. As previously announced on November 1, 2022, the Company entered into a merger agreement and plan of reorganization (the "Merger Agreement") with TV Ammo, Inc., an advanced technology and composite manufacturing company based in Garland, Texas ("TV Ammo"), pursuant to which a newly-formed wholly-owned subsidiary of the Company will merge with and into TV Ammo, with TV Ammo surviving as a wholly-owned subsidiary of the Company. Upon closing of the transaction, the Company will be renamed "True Velocity, Inc." and its common stock is expected to trade on the Nasdaq Capital Market.
In connection with the proposed transaction, the Company intends to file with the U.S. Securities and Exchange Commission (the "SEC") a registration statement on Form S-4 that will include a proxy statement of the Company and that also will constitute a prospectus of True Velocity, Inc. with respect to the shares of True Velocity, Inc. common stock to be issued in the proposed transaction (the "Proxy Statement/Prospectus"). This document is not a substitute for the Proxy Statement/Prospectus. The definitive Proxy Statement/Prospectus (if and when available) will be delivered to the Company's and TV Ammo's stockholders. The Company may also file other relevant documents regarding the proposed transaction with the SEC.
The Company had previously expected the transaction to close in the fourth quarter of 2023. TV Ammo is continuing to prepare financial statements in accordance with the auditing standards of the Public Company Accounting Oversight Board, which process is ongoing and has taken more time than was previously expected. As a result, the Company now anticipates filing the Proxy Statement/Prospectus in the third quarter of 2023 and now expects the transaction to close in the first quarter of 2024, subject to the satisfaction of customary closing conditions, including certain regulatory and shareholder approvals.
NASDAQ:BREZを保有するBreeze Holdings Acquisition Corp.（以下、当社）は、株主特別会議に先立ち、当社の全発行済み株式の約75.8％に相当する委任状を既に受領し、取締役会がビジネス・コンビネーション（以下、取引）を完了するまでの期間を最長2024年6月26日まで延長することを承認する提案を承認するための委任状を受け取っていることを発表しました。この比率は提案を承認するために必要な投票の割合を大幅に上回っています。ただし、当社が受領したすべての委任状は、2023年9月22日（東部時間）午前10時に開催予定の株主特別会議で行使される前にいつでも取り消すことができることに注意してください。
この提案の目的は、当社の初回ビジネス・コンビネーションを完了するために、当社に追加の時間を与えることです。2022年11月1日に発表されたとおり、当社はテキサス州ガーランドに拠点を置く先進的なテクノロジー・コンポジット製造企業のTV Ammo, Inc.（以下TV Ammo）との合併契約及び再編計画書（以下、合併契約）に入り、当社の新設の完全子会社がTV Ammoと合併し、TV Ammoが当社の完全子会社として存続することになっています。取引が完了すると、当社の社名が「True Velocity, Inc.」に変更され、同社の普通株式はNasdaq Capital Marketで取引される予定です。
この取引に関連して、当社は米国証券取引委員会（以下、SEC）にForm S-4で登録申請書を提出する予定であり、当社の委任状書とTrue Velocity, Inc.の株式を指すProxy Statement/Prospectusも含まれます。この文書はProxy Statement/Prospectusの代用品ではありません。最終的なProxy Statement/Prospectus（利用可能な場合）は、当社とTV Ammoの株主に送付される予定です。取引に関するその他の関連文書もSECに提出する可能性があります。
当社は、当初は取引の完了を2023年第4四半期に予定していました。TV Ammoは、公益企業監査基準に従って財務諸表を準備し続けており、そのプロセスが予想以上の時間を要しています。その結果、当社は2023年第3四半期にProxy Statement/Prospectusの提出を予定し、規定された規制承認及び株主承認を含む通常のクロージング条件が満たされた場合、2024年第1四半期に取引が完了することを予想しています。
