Model Performance Acquisition filed a preliminary proxy in which it proposes another deadline extension to complete a merger with MultiMetaVerse. The most recent deadline extension, approved in July, gives the SPAC until Oct. 12 to complete the deal. Model Performance in the latest filing seeks an extension up to April 12, 2023.
For the last extension, the SPAC deposited $575,000 (10 cents a share) into its trust.
MultiMetaVerse in January had agreed to loan the SPAC up to $2.75 million to extend the combination period for up to two times for an additional three months each. On March 29 the SPAC used $575,000 of the loan amount for the first extension.
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.
The meeting date for the latest extension vote has yet to be published. Read more.
