Model Performance Acquisition deposited $575,000 (representing 10 cents a share), into its trust to extend the merger deadline from April 12 to July 12. The SPAC’s merger partner, MultiMetaVerse, has agreed to loan the SPAC up to $2.75 million in three tranches to extend the combination period for up to two times for an additional three three-month period each time. The loan bears no interest and is repayable only at the closing of a business combination.
On March 29 the SPAC used $575,000 of the loan amount for the first extension.
Model Performance last August announced plans to merge with Hong Kong-based MultiMetaVerse in a $300 million stock deal. The target is sole owner of Shanghai Mi Ting Culture and Creativity Co.
Model Performance raised $57.5 million in an April 2021 IPO. The merger deal is further supported by a $10 million PIPE at $10 per share. Read more.
