Goldenbridge Acquisition called a Nov. 23 meeting for shareholders to vote on another proposed deadline extension. This one, if approved, would permit the SPAC to extend its merger deadline up to three more times until Sept. 2023.
The SPAC in August received a $575,000 loan from merger partner SunCar to push back the deadline until Dec. 4. According to the SPAC’s latest proxy filing, SunCar is willing to loan up to $1,725,000 more if the deadline must be extended until September of next year.
Announced in May, Auto Services Group Limited, a provider of digitalized auto services and auto insurance through Shanghai-based SunCar Online Insurance Agency, entered into a definitive merger agreement with Goldenbridge. The deal values the combined company at an estimated enterprise value on a pro-forma basis of approximately $858 million, assuming zero redemptions.
Three weeks prior to that deal announcement, Goldenbridge terminated a merger plan with AgiiPlus by mutual agreement. The SPAC said at the time that AgiiPlus would be required to pay a $150,000 termination fee.
As of Oct. 20, there was approximately $59.6 million in the Goldenbridge trust, according to the proxy. Read more.
