The parties in July agreed to drop the minimum cash condition to $30 million from the original $50 million. When announced in January, the deal had a pro forma equity value of $511 million.
The SPAC is focused on energy transition — companies shifting from fossil fuels to electrification and other energy solutions. Ivanhoe is particularly targeting companies involved in mining, processing or refining the metals used in battery systems.
TenX Keane last month filed a proxy and prospectus on deal with Citius Oncology, a subsidiary of Citius Pharma. Terms call for the target to receive 67.55 million shares and to retain 90% ownership.