Goldenbridge Acquisition Limited announced that its merger partner Auto Services Group Limited (dba SunCar), has deposited $575,000 (10 cents a share) into the SPAC’s trust account. This gives Goldenbridge a three-month extension until Dec. 4 to close the deal with SunCar.
The SPAC issued an unsecured promissory note to SunCar, which can convert any part of the principal into the SPAC’s units at $10 each.
Terms of the deal as announced in May call for Goldenbridge’s wholly owned subsidiary to acquire SunCar Technology Group with the target’s shareholders receiving 80 million ordinary shares. Those shares will be subject to lock-up agreements for 12 months following the date the transactions close. Certain key persons of the company are eligible to receive additional ordinary shares subject to performance milestones. Read more.
