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Globis Acquisition Corp. - GLAQ

  • Commons

    $10.09

    +0.00%

    GLAQ Vol: 22.0K

  • Warrants

    $0.90

    -5.25%

    GLAQW Vol: 5.4K

  • Units

    $11.34

    +3.61%

    GLAQU Vol: 0.0

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Rating Count: 0
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SPAC Stats

Market Cap: 152.0M
Average Volume: 69.3K
52W Range: $9.83 - $11.00
Weekly %: -0.05%
Monthly %: -0.10%
Inst Owners: 5

Info

Target: Searching
Days Since IPO: 353
Unit composition:
and
Trust Size: 10000000.0M

Management

Officers and Directors Upon the consummation of this offering, our board of directors will have four members, three of whom will be deemed “independent” under SEC and Nasdaq rules. We may not hold an annual meeting of stockholders until after we consummate our initial business combination. Our officers are appointed by the board of directors and serve at the discretion of the board of directors, rather than for specific terms of office. Our board of directors is authorized to appoint persons to the offices set forth in our bylaws as it deems appropriate. Our bylaws provide that our directors may consist of a chairman of the board, and that our officers may consist of chief executive officer, president, chief financial officer, executive vice president(s), vice president(s), secretary, treasurer and such other officers as may be determined by the board of directors. Executive Compensation No executive officer has received any cash compensation for services rendered to us. No compensation of any kind, including finders, consulting or other similar fees, will be paid to any of our existing stockholders, including our directors, or any of their respective affiliates, prior to, or for any services they render in order to effectuate, the consummation of a business combination. However, such individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. There is no limit on the amount of these out-of-pocket expenses and there will be no review of the reasonableness of the expenses by anyone other than our board of directors and audit committee, which includes persons who may seek reimbursement, or a court of competent jurisdiction if such reimbursement is challenged. After the completion of our initial business combination, directors or members of our management team who remain with us may be paid consulting, management or other fees from the combined company. All of these fees will be fully disclosed to stockholders, to the extent then known, in the tender offer materials or proxy solicitation materials furnished to our stockholders in connection with a proposed business combination. It is unlikely the amount of such compensation will be known at the time, because the directors of the post-combination business will be responsible for determining executive officer and director compensation. Any compensation to be paid to our executive officers will be determined by a compensation committee constituted solely of independent directors. We do not intend to take any action to ensure that members of our management team maintain their positions with us after the consummation of our initial business combination, although it is possible that some or all of our executive officers and directors may negotiate employment or consulting arrangements to remain with us after the initial business combination. The existence or terms of any such employment or consulting arrangements to retain their positions with us may influence our management’s motivation in identifying or selecting a target business but we do not believe that the ability of our management to remain with us after the consummation of our initial business combination will be a determining factor in our decision to proceed with any potential business combination. We are not party to any agreements with our executive officers and directors that provide for benefits upon termination of employment. Director Independence Nasdaq requires that a majority of our board must be composed of “independent directors.” Currently, Messrs. Benitah, Ferguson and Horne would each be considered an “independent director” under the Nasdaq listing rules, which is defined generally as a person other than an officer or employee of the company or its subsidiaries or any other individual having a relationship, which, in the opinion of the company’s board of directors would interfere with the director’s exercise of independent judgment in carrying out the responsibilities of a director. Our independent directors will have regularly scheduled meetings at which only independent directors are present. 60 We will only enter into a business combination if it is approved by a majority of our independent directors. Additionally, we will only enter into transactions with our officers and directors and their respective affiliates that are on terms no less favorable to us than could be obtained from independent parties. Any related-party transactions must also be approved by our audit committee and a majority of disinterested independent directors. Committees of the Board of Directors Upon the effectiveness of the registration statement of which this prospectus forms a part, our board of directors will have two standing committees: an audit committee and a compensation committee. Subject to phase-in rules and a limited exception, the rules of Nasdaq and Rule 10A of the Exchange Act require that the audit committee of a listed company be comprised solely of independent directors. Subject to phase-in rules and a limited exception, the rules of Nasdaq require that the compensation committee of a listed company be comprised solely of independent directors. Audit Committee Under the Nasdaq listing standards and applicable SEC rules, we are required to have at least three members of the audit committee, all of whom must be independent. Effective as of the date of this prospectus, we will establish an audit committee of the board of directors, which will consist of Messrs. Benitah, Ferguson and Horne, each of whom is an independent director under Nasdaq’s listing standards. [●] is the Chairperson of the audit committee. Each member of the audit committee is financially literate and our board of directors has determined that [●] qualifies as an “audit committee financial expert” as defined in applicable SEC rules. The audit committee’s duties, which are specified in our Audit Committee Charter, include, but are not limited to: ● reviewing and discussing with management and the independent auditor the annual audited financial statements, and recommending to the board whether the audited financial statements should be included in our Form 10-K; ● discussing with management and the independent auditor significant financial reporting issues and judgments made in connection with the preparation of our financial statements; ● discussing with management major risk assessment and risk management policies; ● monitoring the independence of the independent auditor; ● verifying the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit as required by law; ● reviewing and approving all related-party transactions; ● inquiring and discussing with management our compliance with applicable laws and regulations; ● pre-approving all audit services and permitted non-audit services to be performed by our independent auditor, including the fees and terms of the services to be performed; ● appointing or replacing the independent auditor; ● determining the compensation and oversight of the work of the independent auditor (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work; ● establishing procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting controls or reports which raise material issues regarding our financial statements or accounting policies; and ● approving reimbursement of expenses incurred by our management team in identifying potential target businesses. Compensation Committee Effective as of the date of this prospectus, we will establish a compensation committee of the board of directors, which will consist of Messrs. Benitah, Ferguson and Horne, each of whom is an independent director under Nasdaq’s listing standards. [●] is the Chairperson of the compensation committee. The compensation committee’s duties, which are specified in our Compensation Committee Charter, include, but are not limited to: ● reviewing and approving the compensation (if any) of all of our executive officers; 61 ● reviewing our executive compensation policies and plans; ● implementing and administering our incentive compensation equity-based remuneration plans; ● assisting management in complying with our proxy statement and annual report disclosure requirements; ● approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our executive officers and employees; ● producing a report on executive compensation to be included in our annual proxy statement; and ● reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors. The charter will also provide that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or other adviser and will be directly responsible for the appointment, compensation and oversight of the work of any such adviser. However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the compensation committee will consider the independence of each such adviser, including the factors required by Nasdaq and the SEC. Director Nominations We do not have a standing nominating committee, though we intend to form a corporate governance and nominating committee as and when required to do so by law or Nasdaq rules. In accordance with Rule 5605 of the Nasdaq rules, a majority of the independent directors may recommend a director nominee for selection by the board of directors. The board of directors believes that the independent directors can satisfactorily carry out the responsibility of properly selecting or approving director nominees without the formation of a standing nominating committee. The directors who will participate in the consideration and recommendation of director nominees are Messrs. Benitah, Ferguson and Horne. In accordance with Rule 5605 of the Nasdaq rules, all such directors are independent. As there is no standing nominating committee, we do not have a nominating committee charter in place. The board of directors will also consider director candidates recommended for nomination by our stockholders during such times as they are seeking proposed nominees to stand for election at the next annual meeting of stockholders (or, if applicable, a special meeting of stockholders). Our stockholders that wish to nominate a director for election to our board of directors should follow the procedures set forth in our bylaws. We have not formally established any specific, minimum qualifications that must be met or skills that are necessary for directors to possess. In general, in identifying and evaluating nominees for director, the board of directors considers educational background, diversity of professional experience, knowledge of our business, integrity, professional reputation, independence, wisdom, and the ability to represent the best interests of our stockholders. Code of Ethics Effective upon consummation of this offering, we will adopt a code of ethics that applies to all of our executive officers, directors and employees. The code of ethics codifies the business and ethical principles that govern all aspects of our business. Conflicts of Interest Investors should be aware of the following potential conflicts of interest: ● None of our officers and directors is required to commit their full time to our affairs and, accordingly, they may have conflicts of interest in allocating their time among various business activities. ● In the course of their other business activities, our officers and directors may become aware of investment and business opportunities which may be appropriate for presentation to our company as well as the other entities with which they are affiliated. Our officers and directors may have conflicts of interest in determining to which entity a particular business opportunity should be presented. ● Our officers and directors may in the future become affiliated with entities, including other blank check companies, engaged in business activities similar to those intended to be conducted by our company. ● Unless we consummate our initial business combination, our officers, directors and insiders will not receive reimbursement for any out-of-pocket expenses incurred by them to the extent that such expenses exceed the amount of available proceeds not deposited in the trust account and the amount of interest income from the trust account that may be released to us as working capital. 62 ● The founder shares beneficially owned by our officers and directors will be released from escrow only if our initial business combination is successfully completed. Additionally, if we are unable to complete an initial business combination within the required time frame, our officers and directors will not be entitled to receive any amounts held in the trust account with respect to any of their founder shares or placement shares. For the foregoing reasons, our board may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effect our initial business combination. In general, officers and directors of a corporation incorporated under the laws of the State of Delaware are required to present business opportunities to a corporation if: ● the corporation could financially undertake the opportunity; ● the opportunity is within the corporation’s line of business; and ● it would not be fair to the corporation and its stockholders for the opportunity not to be brought to the attention of the corporation. Accordingly, as a result of multiple business affiliations, our officers and directors may have similar legal obligations relating to presenting business opportunities meeting the above-listed criteria to multiple entities. Furthermore, our amended and restated certificate of incorporation will provide that the doctrine of corporate opportunity will not apply with respect to any of our officers or directors in circumstances where the application of the doctrine would conflict with any fiduciary duties or contractual obligations they may have. In order to minimize potential conflicts of interest which may arise from multiple affiliations, our officers and directors (other than our independent directors) have agreed to present to us for our consideration, prior to presentation to any other person or entity, any suitable opportunity to acquire a target business, until the earlier of: (1) our consummation of an initial business combination and (2) 24 months from the date of this prospectus. This agreement is, however, subject to any pre-existing fiduciary and contractual obligations such officer or director may from time to time have to another entity. Accordingly, if any of them becomes aware of a business combination opportunity which is suitable for an entity to which he or she has pre-existing fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such business combination opportunity to such entity, and only present it to us if such entity rejects the opportunity. We do not believe, however, that the pre-existing fiduciary duties or contractual obligations of our officers and directors will materially undermine our ability to complete our business combination because in most cases the affiliated companies are closely held entities controlled by the officer or director or the nature of the affiliated company’s business is such that it is unlikely that a conflict will arise. 63 The following table summarizes the current pre-existing fiduciary or contractual obligations of our officers, directors and director nominees: Name of Individual Name of Affiliated Company Entity’s Business Affiliation Paul Packer Globis Capital Advisors LLC (and affiliated entities) Investment advisory firm Founder and Managing Member Elementor, Ltd. Software company Director Zedge, Inc. Operates as a content distribution platform Director Claude Benitah N/A N/A N/A Michael A. Ferguson BakerHostetler Law firm Senior Advisor NanoVibronix, Inc. A medical device company Director John M. Horne Zurmos, Inc. Provides strategic international market sector analysis, strategic expansion plans, risk and political stability assessments and international government affairs plans Founder and President Our insiders have agreed, pursuant to a letter agreement, to offer all suitable business combination opportunities to us before any other person or company until the consummation by us of a business combination, subject to any pre-existing contractual or fiduciary obligations they may have; provided, that our insiders shall not be limited with respect to their individual activity as a sponsor or independent director of a separate special purpose acquisition vehicle that does not conflict or compete with us. Our insiders have agreed to vote any shares of common stock held by them in favor of our initial business combination. In addition, they have agreed to waive their respective rights to receive any amounts held in the trust account with respect to their founder shares and placement shares if we are unable to complete our initial business combination within the required time frame. If they purchase shares of common stock in this offering or in the open market, however, they would be entitled to receive their pro rata share of the amounts held in the trust account if we are unable to complete our initial business combination within the required time frame, but have agreed not to convert such shares in connection with the consummation of our initial business combination. All ongoing and future transactions between us and any of our officers and directors or their respective affiliates will be on terms believed by us to be no less favorable to us than are available from unaffiliated third parties. Such transactions will require prior approval by our audit committee and a majority of our uninterested “independent” directors, or the members of our board who do not have an interest in the transaction, in either case who had access, at our expense, to our attorneys or independent legal counsel. We will not enter into any such transaction unless our audit committee and a majority of our disinterested “independent” directors determine that the terms of such transaction are no less favorable to us than those that would be available to us with respect to such a transaction from unaffiliated third parties. To further minimize conflicts of interest, we have agreed not to consummate our initial business combination with an entity that is affiliated with any of our officers, directors or insiders, unless we have obtained (i) an opinion from an independent investment banking firm that the business combination is fair to our unaffiliated stockholders from a financial point of view and (ii) the approval of a majority of our disinterested and independent directors

Holder Stats

1 0
% of Shares Held by All Insider 19.10%
% of Shares Held by Institutions 15.52%
% of Float Held by Institutions 19.18%
Number of Institutions Holding Shares 5

Mutual Fund Holders

Holder Shares Date Reported Value % Out
Fidelity NASDAQ Composite Index Fund 4628 2021-02-27 46925 0.03

Institutional Holders

Reporting Date Hedge Fund Shares Held Market Value % of Portfolio Quarterly Change in Shares Ownership in Company
2021-11-16 Millennium Management LLC 61,036 $610,000 0.0% +69.4% 0.406%
2021-11-15 Glazer Capital LLC 239,252 $2,400,000 0.0% -6.0% 1.590%
2021-11-09 Basso Capital Management L.P. 176,049 $1,770,000 0.2% +1.7% 1.170%
2021-10-28 Mizuho Securities USA LLC 900,995 $8,970,000 0.9% -24.6% 5.986%
2021-08-17 Millennium Management LLC 36,036 $360,000 0.0% 0 0.239%
2021-08-17 ATW Spac Management LLC 945,150 $9,400,000 2.4% 0 6.280%
2021-08-17 Beryl Capital Management LLC 210,026 $2,089,999 0.2% +810.4% 1.395%
2021-08-16 Berkley W R Corp 639,283 $6,360,000 0.6% +1.5% 4.247%
2021-08-13 Basso Capital Management L.P. 173,051 $1,720,000 0.2% +39.8% 1.150%
2021-08-13 Shaolin Capital Management LLC 370,504 $3,690,000 0.1% +14.4% 2.462%
2021-08-13 Glazer Capital LLC 254,567 $2,530,000 0.0% -35.8% 1.691%
2021-08-13 Murchinson Ltd. 500,000 $4,980,000 1.8% 0 3.322%
2021-08-12 Littlejohn & Co. LLC 25,000 $250,000 0.1% 0 0.166%
2021-08-02 Dakota Wealth Management 51,607 $510,000 0.1% +76.4% 0.343%
2021-05-18 Berkley W R Corp 629,805 $6,240,000 0.7% 0 4.184%
2021-05-18 Rivernorth Capital Management LLC 150,000 $1,490,000 0.1% 0 0.997%
2021-05-18 Karpus Management Inc. 600,857 $5,950,000 0.2% 0 3.992%
2021-05-18 Radcliffe Capital Management L.P. 150,000 $1,490,000 0.1% 0 0.997%
2021-05-18 Jane Street Group LLC 11,369 $110,000 0.0% 0 0.076%
2021-05-17 Shaolin Capital Management LLC 324,004 $3,210,000 0.1% 0 2.153%
2021-05-17 Polar Asset Management Partners Inc. 950,000 $9,410,000 0.1% 0 6.312%
2021-05-17 683 Capital Management LLC 300,000 $2,970,000 0.2% 0 1.993%
2021-05-14 K2 Principal Fund L.P. 563,730 $5,590,000 0.4% 0 3.745%
2021-05-14 Periscope Capital Inc. 500,000 $4,960,000 0.2% 0 3.322%
2021-05-13 Bank of Montreal Can 50,000 $500,000 0.0% 0 0.332%
2021-05-10 Dakota Wealth Management 29,257 $290,000 0.0% 0 0.194%
2021-05-10 Basso Capital Management L.P. 123,757 $1,230,000 0.2% 0 0.822%

SEC Filings

Form Type Form Description Filing Date Document Link
8-K 2021-11-24 https://www.sec.gov/Archives/edgar/data/1823383/000149315221029756/form8-k.htm
10-Q 2021-11-10 https://www.sec.gov/Archives/edgar/data/1823383/000149315221027820/form10-q.htm
10-Q 2021-08-13 https://www.sec.gov/Archives/edgar/data/1823383/000149315221019683/form10-q.htm
10-Q 2021-05-19 https://www.sec.gov/Archives/edgar/data/1823383/000149315221012257/form10-q.htm
NT 10-Q 2021-05-18 https://www.sec.gov/Archives/edgar/data/1823383/000149315221012113/formnt-10q.htm
SC 13G 2021-04-21 https://www.sec.gov/Archives/edgar/data/1823383/000149315221009339/formsc13g.htm
10-K 2021-03-31 https://www.sec.gov/Archives/edgar/data/1823383/000149315221007352/form10-k.htm
SC 13G 2021-03-18 https://www.sec.gov/Archives/edgar/data/1823383/000149315221006331/formsc13g.htm
SC 13G/A 2021-02-16 https://www.sec.gov/Archives/edgar/data/1823383/000146179021000009/13G-A_GLAQU.htm
SC 13G 2021-02-12 https://www.sec.gov/Archives/edgar/data/1823383/000135755021000022/glaqu13g31dec2020.htm
SC 13G GLAQU 13G 2021-02-09 https://www.sec.gov/Archives/edgar/data/1823383/000139382521000032/glaqu_13g.htm
SC 13G FORM SC 13G 2021-02-09 https://www.sec.gov/Archives/edgar/data/1823383/000106299321001023/formsc13g.htm
10-Q 2021-01-22 https://www.sec.gov/Archives/edgar/data/1823383/000149315221001657/form10-q.htm
8-K 2021-01-13 https://www.sec.gov/Archives/edgar/data/1823383/000149315221000952/form8-k.htm
8-K 2020-12-21 https://www.sec.gov/Archives/edgar/data/1823383/000149315220024048/form8-k.htm
SC 13G 2020-12-21 https://www.sec.gov/Archives/edgar/data/1823383/000146179020000020/13G_Globis.htm
8-K 2020-12-15 https://www.sec.gov/Archives/edgar/data/1823383/000149315220023669/form8-k.htm
424B4 2020-12-14 https://www.sec.gov/Archives/edgar/data/1823383/000149315220023563/form424b4.htm
EFFECT 2020-12-10 https://www.sec.gov/Archives/edgar/data/1823383/999999999520003487/xslEFFECTX01/primary_doc.xml
3 2020-12-10 https://www.sec.gov/Archives/edgar/data/1823383/000149315220023306/xslF345X02/ownership.xml
3 2020-12-10 https://www.sec.gov/Archives/edgar/data/1823383/000149315220023304/xslF345X02/ownership.xml
3 2020-12-10 https://www.sec.gov/Archives/edgar/data/1823383/000149315220023302/xslF345X02/ownership.xml
3 2020-12-10 https://www.sec.gov/Archives/edgar/data/1823383/000149315220023300/xslF345X02/ownership.xml
CORRESP 2020-12-09 https://www.sec.gov/Archives/edgar/data/1823383/000149315220023218/filename1.htm
CORRESP 2020-12-09 https://www.sec.gov/Archives/edgar/data/1823383/000149315220023203/filename1.htm
CERT 2020-12-09 https://www.sec.gov/Archives/edgar/data/1823383/000135445720000766/8A_Cert_GLAQ.pdf
8-A12B 2020-12-09 https://www.sec.gov/Archives/edgar/data/1823383/000149315220023186/form8-a12b.htm
CORRESP 2020-12-08 https://www.sec.gov/Archives/edgar/data/1823383/000149315220023122/filename1.htm
S-1/A 2020-12-08 https://www.sec.gov/Archives/edgar/data/1823383/000149315220023120/forms-1a.htm
UPLOAD 2020-12-08 https://www.sec.gov/Archives/edgar/data/1823383/000000000020011751/filename1.pdf
S-1/A 2020-12-07 https://www.sec.gov/Archives/edgar/data/1823383/000149315220023057/forms-1a.htm
CORRESP 2020-11-24 https://www.sec.gov/Archives/edgar/data/1823383/000149315220022452/filename1.htm
S-1 2020-11-24 https://www.sec.gov/Archives/edgar/data/1823383/000149315220022446/forms-1.htm
UPLOAD 2020-11-23 https://www.sec.gov/Archives/edgar/data/1823383/000000000020011187/filename1.pdf
DRSLTR 2020-11-10 https://www.sec.gov/Archives/edgar/data/1823383/000149315220020866/filename1.htm
DRS/A 2020-11-10 https://www.sec.gov/Archives/edgar/data/1823383/000149315220020863/filename1.htm
UPLOAD 2020-10-28 https://www.sec.gov/Archives/edgar/data/1823383/000000000020010215/filename1.pdf
DRS 2020-10-01 https://www.sec.gov/Archives/edgar/data/1823383/000149315220018713/filename1.htm