Global Consumer Acquisition said it will extend its merger deadline from June 11 until Sept. 11, with the SPAC’s sponsor depositing $1,826,300 into the trust account as consideration to shareholders for the extension.
The added time will help the SPAC complete its proposed business combination with GP Global Limited and Luminex Home Décor & Fragrance Holding Corporation. The deal is valued at $507.1 million.
As announced in December, the transaction is expected to provide Ascense Brands with approximately $117.5 million in cash proceeds to its balance sheet — assuming no redemptions. The SPAC raised $170 million in its IPO last June. Read more.
