TDAC shareholders vote to extend SPAC, keeping $156.8M in trust

Translational Development Acquisition Company (NYSE: TDAC) announced that 85% of its Class A common stockholders chose not to redeem their shares in a vote held June 17, 2026, leaving approximately $156.8 million in the company's trust account.

Of the 17,250,000 redeemable shares outstanding, holders of 2,598,697 shares elected to redeem, while 14,651,303 shares remained. The shareholder vote also approved an extension of the SPAC's life, with 95% of votes cast in favor.

The vote follows TDAC's announcement on May 27, 2026, of a merger agreement with ProLogium, a Taiwan-based battery technology company. ProLogium produces lithium ceramic solid-state batteries and operates a gigascale manufacturing plant in Taiwan. The company also has a facility under construction in France, which has been offered a subsidy package of up to €1.375 billion from the French government.

ProLogium's products target markets including electric vehicles, aerospace, robotics, energy storage systems, and maritime applications.

Michael Hoffman, Chairman and CEO of TDAC, said the non-redemption rate reflects shareholder interest in the ProLogium transaction. "We see the enthusiasm for our shareholders in staying in this transaction as indicative of the overall enthusiasm for ProLogium that we've seen in our preliminary discussions with investors since the deal was announced," Hoffman stated.

The merger remains subject to closing conditions, including a $250 million minimum cash requirement, regulatory approvals, and shareholder votes from both companies.

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