Shares of the special purpose acquisition company (SPAC) Silver Crest Acquisition Corporation (NASDAQ: SLCR) traded roughly 13% lower as of 2:42 p.m. ET today. The move appears to be driven by a regulatory filing by the company that extends a deadline for shareholders who might want to reverse their decision to redeem their shares.
Silver Crest previously announced that it was planning to merge with and take public Tim Hortons China, the Chinese division of the famous Canadian coffee and doughnut chain Tim Hortons. Earlier this month, shareholders approved the deal.
But today, in a filing with the Securities and Exchange Commission, Silver Crest said it would allow holders of Class A ordinary shares until Sept. 16 to reverse their decision to redeem their shares.
For further details see:
Why Shares of Silver Crest Acquisition Are Falling Today