AGBA Acquisition Limited announced today that its sponsor deposited $504,430.65 (15 cents a share) into the SPAC’s trust account to obtain a merger deadline extension from Aug. 16 to Nov. 16.
The SPAC’s promissory note on the deposit is convertible into units at $10 each.
AGBA in May won shareholder approval for a 7th deadline extension. The SPAC has a merger agreement with TAG Holdings. After facing a Nasdaq delisting, the exchange in June agreed to give AGBA until November to complete a deal. A Nasdaq rule requires SPACs to close a deal within 36 months of their IPO, which in AGBA’s case was back in May 2019.
TAG is engaged in B2B and fintech through its subsidiaries. The transaction with AGBA is an all-stock deal with an enterprise value of $555 million. Read more.
