Greencity Acquisition will ask shareholders to approve another merger deadline extension, this time until April 28, 2023. A preliminary proxy on the proposal was filed late yesterday. It does not mention the current per-share amount in its trust. This would be at least the 9th extension, if approved.
The SPAC will liquidate as of Oct. 28 if the extension is not approved.
The SPAC’s sponsor, Cynthia Management, said in 2021 that it would seek to extend the deadline up to eight times on a monthly basis until April 28 of this year for the SPAC to complete a merger, by depositing up to approximately $1.1 million into the trust account, representing an additional 26.7 cents per public share. The last deposit was made about five months ago.
The Shanghai-based SPAC is focused on businesses that have a connection to the Asian market. Read more.
