ELECU Electrum Special Acquisition Corp. - Unit (delisted)

Electrum Special Acquisition Corporation (the “Company”) previously announced that it will hold a special meeting in lieu of the 2018 annual general meeting of shareholders on February 2, 2018 at 10:30 a.m., local time, at the offices of Greenberg Traurig, LLP, located at the MetLife Building, 200 Park Avenue, New York, New York 10166 (the “Special Meeting”) to vote on (i) an amendment (the “Extension Amendment”) to the Company’s Memorandum and Articles of Association to extend the date by which the Company has to consummate a business combination (the “Extension”) for an additional four months, from February 5, 2018 to June 5, 2018 (the “Extended Date”); (ii) an amendment (the “Trust Amendment”) to the Company’s investment management trust agreement, dated June 10, 2015, as amended, by and between the Company and Continental Stock Transfer & Trust Company to extend the date on which to commence liquidating the trust account (the “Trust Account”) established in connection with the Company’s initial public offering in the event the Company has not consummated a business combination by the Extended Date; (iii) a proposal to re-elect two directors to the Company’s board of directors, with each such director to serve until the third annual general meeting of shareholders following the Special Meeting or until his successor is elected and qualified; and (iv) a proposal to ratify the selection by the Company’s Audit Committee of WithumSmith+Brown, PC to serve as the Company’s independent registered public accounting firm for the fiscal years ending November 30, 2017 and 2018.

If the Extension Amendment and Trust Amendment are approved, the Company’s sponsor, ESAC Holdings LLC, has agreed to contribute to the Company as a loan $0.035 for each public share that is not redeemed, for each calendar month (commencing on February 10, 2018 and on the 10th day of each subsequent month), or portion thereof, that is needed by the Company to complete a business combination from February 10, 2018 until the Extended Date (the “Contribution”). For example, if the Company takes until June 5, 2018 to complete its business combination, which would represent four calendar months, the Company’s sponsor would make aggregate Contributions of approximately $1,824,210 (assuming no public shares were redeemed). Each Contribution will be deposited in the Trust Account within seven calendar days from the beginning of such calendar month (or portion thereof). Accordingly, if the Extension Amendment and the Trust Amendment are approved, the Extension is implemented and the Company takes the entire time through the Extended Date to complete its initial business combination, the redemption amount per share at the meeting for such business combination or the Company’s subsequent liquidation will be approximately $10.43 per share, in comparison to the current redemption amount of approximately $10.29 per share. The Contribution is conditional upon the implementation of the Extension Amendment. The Contribution will not occur if the Extension Amendment is not approved or the Extension is not completed for any reason. The amount of the Contributions will not bear interest and will be repayable by the Company to the Company’s sponsor upon consummation of the Company’s initial business combination. If the Company’s sponsor advises the Company that it does not intend to make the Contribution, then the Extension Amendment and the Trust Amendment will not be put before the shareholders at the Special Meeting and the Company will dissolve and liquidate in accordance with its Memorandum and Articles of Association. The Company’s sponsor will have sole discretion to determine whether to continue extending for additional calendar months until the Extended Date, and if the Company’s sponsor determines not to continue extending for additional calendar months, its obligation to make additional Contributions will terminate and the Company will dissolve and liquidate in accordance with its Memorandum and Articles of Association.

On January 22, 2018, the Company issued a press release announcing the Contribution. A copy of the press release is attached to this report as Exhibit 99.1 and is incorporated herein by reference.