Mana Capital Acquisition said its board approved a deadline extension of one month from Aug. 26 until Sept. 26.
In return, the SPAC’s merger partner Cardio Diagnostics is expected to deposit $216,667 into the Mana trust account. The amount represents 3.3 cents a share. The company’s governing documents permit a total of 12 one-month extensions.
Cardio Diagnostics and Mana Capital Acquisition announced their business combination agreement in May.
The combined company is expected to have a post-transaction equity market capitalization of $175 million, assuming no redemptions. Cardio Diagnostics would have approximately $10 million in gross proceeds raised in 2022 from common stock equity investors prior to closing. Cardio Diagnostics’ cash on the balance sheet prior to closing is expected to fund operations through the end of 2023; net proceeds raised in conjunction with the transaction will be used to support the growth strategy.
Mana raised $62 million in a November 2021 IPO. Read more.
