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The news flow associated with M3-Brigade Acquisition II Corp. (MBAC) centers on its role as a special purpose acquisition corporation and its previously proposed business combination with Syniverse. Syniverse press releases repeatedly reference MBAC as the SPAC counterparty in a planned merger that would have taken Syniverse public and listed the combined company on the New York Stock Exchange under the ticker "SYNV." These announcements describe steps such as filing proxy materials with the SEC, mailing a definitive proxy statement to MBAC stockholders, and scheduling a special meeting to vote on the transaction.
Subsequent coverage includes MBAC’s own announcement that it "has terminated its merger agreement with Syniverse by mutual agreement of all relevant parties" and that the special meeting of MBAC stockholders to approve the proposed transaction was cancelled. In the same communication, MBAC stated that it would seek an alternative business combination, underscoring its ongoing function as a SPAC focused on mergers or similar transactions.
Investors and observers using this MBAC news page can review how MBAC was featured in Syniverse’s business updates, financing announcements, and investor communications around the proposed merger. These items include references to Syniverse’s debt refinancing in connection with the planned combination with MBAC, business updates where Syniverse notes that certain investor presentations were filed with the SEC by MBAC, and communications about investor conferences and video podcasts that were linked to MBAC’s disclosure platform.
Together, these articles provide a historical record of MBAC’s efforts to structure a telecommunications-focused business combination and the eventual decision to terminate that agreement. Readers interested in MBAC’s SPAC activities, its association with Syniverse, and the regulatory and shareholder processes around the proposed transaction can use this page as a focused archive of related news.
Oncourse Home Solutions has appointed Dale R. Gerard as its new Chief Financial Officer. Gerard brings over 25 years of financial leadership experience, having served as CFO at notable companies including iFIT Health and Fitness and Vivint Smart Home, where he led the company's growth from $100 million to $1.65 billion in revenue and its IPO in 2020. He succeeds Josh Cohen, who transitions to Chief Commercial Officer.
In his new role, Gerard will lead Oncourse's Finance function, overseeing accounting, financial controls, treasury, budgeting, forecasting, reporting, credit, risk management, and tax planning. He will also serve on the Executive Management Committee and Executive Leadership Team. Gerard holds a BS in accounting and an MBA from Purdue University's Mitch Daniels School of Business and is a Certified Treasury Professional.
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M3-Brigade Acquisition II Corp. (NYSE: MBAC) has canceled its special meeting of stockholders scheduled for December 19 and later postponed to December 23, 2022. The decision is due to inadequate withdrawals of prior redemption elections by stockholders, which did not meet the $45 million minimum required in its trust account. As a result, there will be no completion of share redemptions and any shares submitted for redemption will be returned. MBAC plans to continue seeking a target for its initial business combination before the termination date of March 8, 2023.
M3-Brigade Acquisition II Corp. (NYSE: MBAC) has announced the postponement of its Special Meeting of stockholders from December 19, 2022, to December 23, 2022, at 9:30 a.m. ET. The meeting will be held virtually to discuss proposals regarding an extension for completing a business combination from March 8, 2023, to March 8, 2024, and related charter amendments. The record date for stockholders eligible to vote remains December 5, 2022. The delay aims to give stockholders more time to modify their redemption elections for shares.
Syniverse, a global technology provider, will remain private after ending its merger with M3-Brigade Acquisition II Corp (MBAC). Twilio (TWLO) plans a minority investment of up to $750 million as part of an Alternative Transaction. Syniverse aims to utilize these funds primarily to reduce existing debt. Andrew Davies, CEO of Syniverse, expressed confidence in the company's strong market position and strategy for future growth. The transaction is anticipated to close in fiscal Q2 2022 and will not disrupt current operations.
M3-Brigade Acquisition II Corp. (NYSE: MBAC) has mutually agreed to terminate its merger agreement with Syniverse due to unfavorable market conditions. Consequently, a special meeting to approve the transaction has been cancelled. CEO Mohsin Y. Meghji expressed disappointment over the failed merger, attributing it to high stockholder redemptions influenced by market turbulence. Despite the setback, the company is actively pursuing alternative business combinations and assures stockholders of future financing solutions, as they have 24 months from their IPO in March 2021 to complete a business deal.
Syniverse has partnered with Vodafone Oman to launch next-generation 5G roaming services in Oman. This collaboration will leverage Syniverse's Clearing and Settlement and Roaming Fraud Protection solutions to enhance operational efficiencies and optimize workflows for Vodafone Oman. With a focus on monetizing wholesale roaming traffic, Syniverse aims to improve reconciliation between Vodafone Oman and its partners. Additionally, the completion of Syniverse's merger with M3-Brigade Acquisition II Corp (NYSE: MBAC) is anticipated to conclude soon.
Syniverse Corporation has secured $1 billion in new senior secured term loans to refinance its capital structure ahead of its merger with M3-Brigade Acquisition II Corp. (MBAC). The new loans feature a favorable interest rate at SOFR plus 4.25%, extending maturity to 2029, and were oversubscribed by 2.1 times. Following the merger, Syniverse's gross debt is expected to be reduced by half, enhancing financial flexibility and supporting growth. The definitive proxy statement for the merger has been mailed to MBAC shareholders, with a vote scheduled for February 9, 2022.
Syniverse has partnered with Verizon to implement the Evolved Mobility solution, enhancing Verizon's international roaming capabilities. This solution allows inbound roamers with non-VoLTE devices to connect seamlessly to Verizon's network, expanding their potential market. Verizon expects increased roaming revenues as they onboard new international mobile operators. The ongoing merger with M3-Brigade Acquisition II Corp is set to finalize soon, enabling Syniverse to trade under the ticker SYNV on the NYSE.
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