AGBA Acquisition Limited in an 8-K filing disclosed that its sponsor deposited $546,991.05 (15 cents per share) into the SPAC’s trust account to extend the merger deadline another three months, from Feb. 16 to May 16. AGBA issued a promissory note to its sponsor with a principal amount equal to the amount deposited. The promissory note bears no interest and is convertible into the SPAC’s units.
This is AGBA’s sixth deadline extension. The SPAC in November announced a merger agreement with fintech Tag Holdings at a $555 million enterprise value. Read more.
