A SPAC I Acquisition Corp. (NASDAQ:ASCA) announced this afternoon that it has adjourned its special meeting to extend its timeline to complete a business combination.
The meeting was originally scheduled to be held today, but is now being postponed until February 13 due to a change in terms for its extension. A SPAC I has also extended the deadline for submission of public shares for redemption until February 9.
The SPAC disclosed that its sponsor has decided to change the amount to be deposited into the trust for any additional one-month extensions. Previously, for each additional one-month extension up to October 17, 2023, A SPAC I would be required to deposit $0.05 per non-redeeming share for the first six one-month extensions and $0.06 per non-redeeming share for the last two one-month extensions.
Instead, $90,000 will now be deposited for each one-month extension, regardless of non-redeeming shares. Assuming no redemptions, this would be equivalent to $0.013 per share being deposited each month.
As of December 31, 2022, A SPAC I held approximately $70.96 million in its trust account. It currently faces a completion deadline of February 17, but hopes to gain shareholder approval at its upcoming meeting to extend this to October 17. If the proposal is approved, then the redemption price per share at the meeting will be approximately $10.38.
A SPAC I announced the pricing of its $60 million IPO almost a year ago on February 15, 2022. It has not found a target business to combine with just yet, but intends to direct its efforts in the U.S. and/or Asia to source opportunities in the technology, media, and telecom sectors (TMT).
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