Pacifico Acquisition announced that Caravelle Group deposited $575,000 (10 cewnts a share) into the SPAC’s trust for a three-month deadline extension on closing a deal.
The new deadline is now Dec. 16 and Pacifico issued an unsecured promissory note for the full amount to Caravelle.
Caravelle is a provider of international shipping services and a carbon-neutral solution for wood desiccation.
The parties last month agreed to eliminate a $60 million PIPE as well as the $4 million minimum cash closing condition on their deal.
When the deal was announced in April, the transaction valued the combined company at a pro forma enterprise value of approximately $527 million with existing Caravelle shareholders rolling 100% of their equity into the combined company. Without the PIPE, cash proceeds are now expected to consist of the $58 million held in Pacifico’s trust account, assuming no redemptions. Read more.
