Edify Acquisition Corp (EAC)

[LJ-Bodhi]

The EAC share count keeps dwindling. Before the latest redemptions, the OS was 1,687,664, as accurately reported by OTC Markets:

https://www.otcmarkets.com/stock/EAC/security

At the special meeting, a shareholder redeemed another 697,235 shares according to this Form 3 filed yesterday:

https://www.otcmarkets.com/filing/html?id=16837936&guid=FNN-kWiGKgpnJth

Then another 500k were redeemed according to this Form 4 filed yesterday:

https://www.otcmarkets.com/filing/html?id=16839038&guid=FNN-kWiGKgpnJth

That leaves only 490,429 shares of EAC remaining in the OS. That corresponds to around $5m left in the EAC trust after those redemptions were paid with trust cash. Since those shares were purchased for $10, and EAC currently trades at $10.77, the market cap is around $5m now. That's a significant drop from $280m when the UNQL merger was announced.

It will be interesting when Colbeck announces converting the 6.9m class B shares to Class A. We know they are not adding $69m to the trust, so it will be very interesting to see what happens to the share price once 6.9m shares are added to the OS with no additional money added to the trust. Since there is no industry analysis on this blank check SPAC, common investors will need to figure it out and not buy $10 stock valued at less than a dollar. Sadly, some will learn a hard lesson.