AGBA Acquisition Limited said its sponsor has deposited into the SPAC’s trust account $594,466.50 in order to extend the time the company has to complete a business combination by an additional three months to May 16. The amount represents approximately 15 cents per share of common stock.
The SPAC issued a promissory note to its sponsor. The note bears no interest and is convertible into the SPAC’s units, with each unit consisting of one ordinary share, one warrant to purchase one-half of one ordinary share, and one right to receive one-tenth of one ordinary share upon the consummation of a business combination at a price of $10 per unit. Read more.
