Welsbach Technology Metals Acquisition announces extension proposal

On April 5, 2024, Welsbach Technology Metals Acquisition Corp. filed a Form 8-K announcing that the Company has entered into a merger agreement with Evolution Metals. WTMA and EM aim to develop an alternative secure, reliable global supply chain for critical minerals and materials using proven technologies.The Transaction is intended to result in WTMAC’s successor listed company owning 100% of the Target. On May 29, 2024, the Company filed a definitive proxy statement on Schedule 14A for the purposes of calling a special meeting of the Company’s stockholders to approve, among other proposals, an amendment to the Company’s amended and restated certificate of incorporation to extend the date by which it has to consummate an initial business combination from June 30, 2024 to June 30, 2025. In connection with the Meeting, the Company and Welsbach Acquisition Holdings intend to enter into non-redemption agreements with one or more unaffiliated third-party stockholders of the Company in exchange for such stockholders agreeing to not redeem a to-be-determined number of shares of common stock at the Meeting. J.V.B. Financial Group, LLC, acting through its Cohen & Company Capital Markets division will act as the Company’s financial advisor and lead capital markets advisor. In exchange for the foregoing commitment to the Company to not redeem the Non-Redeemed Shares, WTMA and the Sponsor will agree to cause the surviving entity of any future WTMA initial business combination to issue to such shareholders a certain number of additional ordinary or common shares of MergeCo immediately following the consummation of an initial business combination, if they continue to hold such Non-Redeemed Shares through the Special Stockholder Meeting. The Non-Redemption Agreements, if entered into, are not expected to increase the likelihood that the Extension Proposal is approved by the Company’s stockholders, but are expected to increase the amount of funds that remain in the Company’s trust account established in connection with Company’s initial public offering following the Meeting. The Company and the Sponsor may enter into additional, similar non-redemption agreements in connection with the Meeting. The Non-Redemption Agreements shall terminate on the earlier of the failure of the Company’s stockholders to approve the Extension at the Meeting, the Company’s determination not to proceed with the Extension, the fulfillment of all obligations of parties to the Non-Redemption Agreements, the liquidation or dissolution of the Company, the mutual written agreement of the parties or if the applicable stockholder exercises its redemption rights with respect to any Non-Redeemed Shares in connection with the Meeting and such Non-Redeemed Shares are actually redeemed.