Zanite Acquisition said its sponsor intends to purchase an additional 2.3 million private placement warrants to extend by six months the SPAC’s deadline for completing a business combination. The new deadline would be Nov. 19.
Zanite said “stockholders will not be entitled to vote on or redeem their shares in connection with such extension of the completion window.”
If the sponsor makes the purchase, the warrants will be sold for $1 each, with proceeds deposited into the SPAC’s trust by May 19, which is the current deadline.
Zanite raised $230 million in a November IPO to target companies in the aviation, aerospace and defense, urban mobility and emerging technologies industries. Read more.
