AGBA Acquisition in an 8-K filing disclosed its shareholders voted almost unanimously in favor of extending the SPAC’s deadline for completing a merger up until May 16, 2022. The SPAC was granted two deadline extensions of three months each.
AGBA in August said its sponsor deposited $594,466.50 into the SPAC’s trust account, representing approximately 15 cents per share, to honor the fourth extension deadline, which was to expire Nov. 16. The SPAC at the time issued a promissory note with a principal amount equal to the deposit. The promissory note bears no interest and is convertible into the SPAC’s units.
The sponsor in May had pumped the same amount into AGBA’s trust to extend the deadline until Aug. 16.
AGBA raised $40 million in a May 2019 IPO to focus on operating businesses in the healthcare, education, entertainment and financial services sectors that have their principal operations in China. Read more.
