Frontier Investment Corp. (NASDAQ: FICV) announced this afternoon that its chairman has decided to adjourn its special meeting, originally scheduled to be held on June 16, until June 22.
As a result of the postponement, the redemption deadline will also be extended until June 20.
Frontier Investment Corp. currently has until July 6, 2023, to complete a business combination, but is hoping to gain shareholder approval at its upcoming meeting to extend its timeline by a year until July 6, 2024.
Shareholders will also vote on proposals to remove the net tangible asset requirement and to provide the right of a holder of the company’s Class B ordinary shares to convert into Class A ordinary shares on a one-for-one basis at any time. If the net tangible asset requirement proposal is not approved, then the SPAC will not proceed with the extension.
Frontier priced its $200 million IPO in July 2021. It still has not found a target to combine with, but aims to identify a business that has operations in the technology, digital media, e-commerce, financial technology, or digital services sectors, across the high growth markets of the Middle East North Africa & Turkey, Sub-Saharan Africa, South Asia, and Southeast Asia. Frontier is led by CEO and Chairman Asar Mashkoor, and CFO Arif Mansuri.
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