Niocorp Developments Ltd (NB)

[scooter83]

I looked at this before and it seems Dean and Jay agreed to give some of their free sponsor shares (gxii class b) and warrants to a group controlling 5% (anchor investors) So that they would not redeem thus allowing the merger deal to go through. I believe they all sold out on the first day on nasdaq.

28,506,605 shares of gxii were redeemed at the merger.
That left 1,493,395 or 5% that remained.
Of the 5% that remained, who were they?

The answer:
They were called anchor investors.

The anchor investors purchased 1.8 million shares of gxii class A for a value of ($18,000,000) during the ipo

They agreed not to redeem before the merger and they would receive a percentage of the free sponsor shares/warrants

https://www.sec.gov/Archives/edgar/data/1826669/000121390021016420/f424b40321_gxacquisition2.htm
"the allocation of founder shares to such anchor investor will be reduced proportionately based on the percentage of such anchor investor’s initial share allocation the anchor investor does not own, has redeemed or fails to vote in favor of our initial business combination."


Here they are when they purchased their 1.8 million shares in 2021
https://www.sec.gov/Archives/edgar/data/1826669/000104106221000069/ACM_13G_GXIIU.txt
Atalaya Special Purpose Investment Fund II LP 1,180,500
Atalaya Capital Management LP

Corbin ERISA Opportunity Fund, Ltd 433,650
Corbin Opportunity Fund, L.P. 185,850
Corbin Capital Partners Group, LLC
Corbin Capital Partners, L.P.

And here was their payoff to not redeem:
https://www.sec.gov/Archives/edgar/data/1512228/000153949723000670/n2574_x119-s3resale.htm#a_009
Corbin ERISA Opportunity Fund Ltd.
260,229 and 232,703 NioCorp Assumed Warrants

Corbin Opportunity
114,246 and 102,162 NioCorp Assumed Warrants

Atalaya Special Purpose Investment Fund II LP
258,534 and 231,187 NioCorp Assumed Warrants

Alameda
455,056 and 406,921 NioCorp Assumed Warrant