AGBA Acquisition Limited in a regulatory filing disclosed a shareholder meeting on May 3 to vote on what would be the SPAC’s 7th merger deadline extension. The SPAC is asking shareholders to approve two extensions of three months each, which if approved would push the deadline back to Nov. 16. AGBA’s sponsor has sweetened the trust account in amounts ranging from $549,000 to $547,000 for each deadline extension granted so far.
AGBA has a merger agreement with TAG Holdings Limited, which is engaged in B2B and fintech through its subsidiaries.
The SPAC intends to combine with TAG and its five subsidiaries: B2B company TAG International Limited, TAG Asset Partners, OnePlatform International, OnePlatform Holdings Limited and TAG Asia Capital Holdings Limited, which engages in the fintech sector. AGBA will ultimately form two wholly-owned subsidiaries which will merge with TAG’s B2B and fintech subsidaries.
The transaction has an enterprise value of $555 million.
If approved, the parties plan for the combined company to list on the Nasdaq under the SPAC’s current ticker, AGBA.
AGBA raised $40 million in a May 2019 IPO. Read more.
