Golden Path Acquisition said its sponsor, Greenland Asset Management, has deposited $191,667 (3.3 cents a share) into the SPAC’s trust for a deadline extension until July 24.
The sponsor agreed to continue the extension up to an additional eight times until March 24, 2023 with identical monthly deposits up to a total of approximately $1.53 million.
Although the press release does not mention it, Golden Path has a merger agreement with MC Hologram, a China-based technology company.
The merger is structured as a stock-for-stock transaction and is intended to qualify as a tax-free reorganization. Terms provide for a valuation of MC and its subsidiaries and businesses of $450 million.
If approved, the new company is to be named MicroCloud Hologram. Read more.
