Newborn Acquisition announced that its insiders have advised the SPAC that, in the event that the proposal for an unpaid extension currently before shareholders is not approved, the SPAC’s insiders or their designees will deposit into Newborn’s trust account $575,000 to secure a three-month deadline extension on a merger. The amount represents 10 cents per public ordinary share.
The new deadline would by May 19.
Newborn holds approximately $57.5 million in its trust account. The SPAC inked a deal in November to merge with green energy tech company Nuvve, then planned a shareholder vote in January asking for investors to waive the SPAC’s obligation to deposit additional funds into trust in exchange for a deadline extension. The SPAC postponed that shareholder vote earlier this month. Read more.
