Terrapin 3 Acquisition Corporation (NASDAQ: TRTL) announced that, in connection with the July 19, 2016 approval by TRTL stockholders to extend the date by which it must complete a business combination, holders of approximately 11.3 million public shares in TRTL validly tendered their shares for a pro rata portion of the cash held in TRTL's trust account in connection with the Extension as of 4:00 pm (EST) on Thursday, July 21, 2016, the latest time at which TRTL shareholders could elect to withdraw their redemption elections.
TRTL obtained the Extension in order to allow more time to complete its previously announced business combination with Yatra Online, Inc. ("Yatra"), the fast-growing online travel agency based in India. While the Extension allows TRTL until December 19, 2016 to complete the business combination, TRTL anticipates closing the proposed business combination on or before October 30, 2016.
A total of approximately $99.4 million remains in TRTL's trust account which, together with $20 million from a forward purchase contract with an affiliate of Macquarie Capital, results in $119.4 million available to satisfy the terms of the proposed business combination with Yatra in addition to any new equity securities that might be issued in connection with this transaction.
About Yatra
Founded in 2006 by venture capital firms and experienced travel industry and technology executives, yatra.com is a leading online travel agent and consolidator of travel products based in Gurgaon, India. Yatra has emerged as the most trusted eCommerce travel brand in India as ranked by The Economic Times, Brand Equity's Most Trusted Brand Survey 2015, and has won three awards at the Indian government's Ministry of Tourism National Tourism Awards - 'Outstanding performance as a Domestic Tour Operator (Rest of India)', Outstanding performance as a Domestic Tour Operator in Jammu and Kashmir' and 'Outstanding performance as an Inbound Tour Operator-Category C'.
About Terrapin 3 Acquisition Corporation
TRTL is a special purpose acquisition company formed for the purpose of effecting a merger, acquisition, or similar business combination, which raised $212.75 million in July 2014 for the purpose of combining with a public or privately-held operating business. TRTL was founded by Nathan Leight and was co-sponsored by affiliates of Terrapin Partners, LLC and affiliates of Macquarie Capital. TRTL is Mr. Leight's and the Terrapin team's third publicly traded acquisition vehicle. The first, Aldabra Acquisition Corporation, became Great Lakes Dredge and Dock Corporation in 2006 in a transaction of approximately $414 million. The second, Aldabra 2 Acquisition Corp., became Boise Inc. in 2008 in a transaction of approximately $1.6 billion and traded on the New York Stock Exchange until it was acquired by Packaging Corporation of America.
About Macquarie and Macquarie Capital
Macquarie Group ("Macquarie") is a global provider of banking, financial, advisory, investment and funds management services. Macquarie's main business focus is making returns by providing a diversified range of services to clients. Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world. Founded in 1969, Macquarie operates in more than 70 office locations in 28 countries. Macquarie employs approximately 14,000 people and has assets under management of over $367.4 billion (as of March 31, 2016).
Macquarie Capital comprises Macquarie Group's corporate advisory, capital markets and principal investing capabilities. Macquarie Capital's expertise spans a variety of industry sectors, including telecommunications, media, entertainment, gaming, financial institutions, industrials, energy, resources, real estate, infrastructure, utilities and renewables.
