Announcement • Nov 02
NYSE American LLC to Suspend Trading in Jaws Mustang Acquisition to Delist its Securities NYSE American LLC (‘NYSE American’ or the ‘Exchange’) announced that the staff of NYSE Regulation has determined to suspend trading in the three securities i.e. Class A ordinary shares included as part of the units, Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-fourth of one redeemable warrant, Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 (‘Securities’) of Jaws Mustang Acquisition Corporation (the ‘Company’) from NYSE American. The staff suspended trading in the Company's Securities because the Listings Qualifications Panel (the ‘Panel’) of the Committee for Review of the Board of Directors of the Exchange (the ‘Committee’) had issued a decision in which it upheld the Exchange's previously announced determination to delist the Company's Securities. The Exchange previously announced on February 5, 2024 that the Company was no longer suitable for listing pursuant to Sections 119(b) and 119(f) of the NYSE American Company Guide because the Company failed to consummate a business combination (i) within 36 months of the effectiveness of its initial public offering registration statement, or (ii) such shorter period that the Company specified in its registration statement. The Company had the right to request a review of this delisting determination by the Panel. The Company has a right to a review of the Panel's decision to delist the Company's Securities by the Committee by making a written request within 15 calendar days of the date of the Panel's decision. The filing by the Exchange of an application with the Securities and Exchange Commission to delist the Company's Securities is pending completion of all applicable procedures, including any appeal by the Company of the Panel's decision. New Risk • Aug 16
New major risk - Revenue and earnings growth Earnings have declined by 7.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Negative equity (-US$9.7m). Earnings have declined by 7.2% per year over the past 5 years. Revenue is less than US$1m. Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Chairman of the Board Barry Sternlicht was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 02
Jaws Mustang Acquisition Corporation announced delayed annual 10-K filing On 04/01/2024, Jaws Mustang Acquisition Corporation announced that they will be unable to file their next 10-K by the deadline required by the SEC. Announcement • Mar 15
Jaws Mustang Acquisition Corporation announced that it has received $0.5 million in funding Jaws Mustang Acquisition Corporation announced a private placement of promissory notes for principal amount of up to $500,000 on March 13, 2024. The transaction included participation from new lender, Mustang Sponsor LLC. The Note does not bear interest and matures upon consummation of the company’s initial business combination. The initial principal balance of this note of $125,000, funded within two business days of the date. Announcement • Mar 09
Jaws Mustang Acquisition Corporation (NYSEAM:JWSM) signed a non-binding letter of intent to acquire Starwood Capital Operations, LLC. Jaws Mustang Acquisition Corporation (NYSEAM:JWSM) signed a non-binding letter of intent to acquire Starwood Capital Operations, LLC on March 8, 2024. Under the terms of the LOI, following the consummation of the Business Combination, the combined public company would be listed on a national securities exchange. Under the terms of the LOI, the combined public company would become the direct or indirect owner of the Starwood Capital Entities’ interests in the following ten properties constituting the Initial Portfolio: 1 Hotel Brooklyn Bridge; 1 Hotel Central Park; and The De Vere Portfolio.Completion of the Business Combination is subject to, among other matters, the negotiation of a definitive agreement providing for the transaction, satisfaction of the conditions negotiated therein, various conditions and contingencies, including securing the Starwood Capital’s requisite investor consents, third party consents and regulatory review, and approval of the transaction by the board of directors and shareholders of Jaws. Santander US Capital Markets LLC is serving as equity capital markets advisor and financial advisor to Jaws. Announcement • Feb 07
Jaws Mustang Acquisition Receives Written Non-Compliance Notice from NYSE American LLC On February 5, 2024, Jaws Mustang Acquisition Corporation (‘JWSM’) received written notice from NYSE American LLC (‘NYSE American’) indicating that the staff of NYSE American has determined to commence proceedings to delist JWSM’s (i) units, each consisting of one Class A ordinary share, $0.0001 par value (‘Class A Ordinary Shares’), and one-fourth of one redeemable warrant (‘Units’), (ii) Class A Ordinary Shares included as part of the Units and (iii) redeemable warrants included as part of the Units (each, a ‘Warrant’), each whole Warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 (collectively, the ‘Securities’) of JWSM. NYSE American reached its decision to delist JWSM’s Securities pursuant to Sections 119(b) and 119(f) of the NYSE American Company Guide because JWSM failed to consummate a business combination (i) within 36 months of the effectiveness of its initial public offering registration statement, or (ii) such shorter period that JWSM specified in its registration statement. JWSM has a right to a review of NYSE American’s staff’s determination to delist the Securities by the Listings Qualifications Panel of the Committee for Review of the Board of Directors of NYSE American (the ‘Panel’). Following such appeal and a decision by the Panel, NYSE American or JWSM will make an announcement regarding either proceeding with suspension and delisting or continued trading in the JWSM’s Securities. If JWSM does not appeal this determination, NYSE American will announce the date that trading will be suspended. The filing of an application with the Securities and Exchange Commission to delist the Securities is pending completion of all applicable procedures, including any appeal by JWSM of the NYSE American’s staff’s decision. JWSM intends to exercise its right to appeal the decision to delist JWSM’s Securities to request sufficient time to complete a business combination and has been advised by NYSE American that its Securities will continue to trade during the pendency of that appeal. Following such appeal, the decision by the Panel will be announced by NYSE American or JWSM regarding either proceeding with suspension and delisting or continued trading in JWSM’s Securities. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Chairman of the Board Barry Sternlicht was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Jan 20
Jaws Mustang Acquisition Corporation announced that it has received $0.5 million in funding from Mustang Sponsor LLC Jaws Mustang Acquisition Corporation announced that it has issued a promissory note at price of $500,000 for gross proceeds of $500,000 on January 19, 2023. The transaction included participation from returning investor Mustang Sponsor LLC. The note bears no interest and is due and payable upon the consummation of the company’s initial merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination, involving the company and one or more businesses. At the election of the Payee, all or a portion of the unpaid principal amount of the Note may be converted into warrants of the company, at a price of $2.00 per warrant, each warrant exercisable for one Class A ordinary share, $0.0001 par value per share, of the company. The Warrants shall be identical to the private placement warrants issued to the Sponsor at the time of the Company’s initial public offering. The issuance of the Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933. Announcement • May 18
Jaws Mustang Acquisition Corporation announced delayed 10-Q filing On 05/17/2021, Jaws Mustang Acquisition Corporation announced that they will be unable to file their next 10-Q by the deadline required by the SEC. 