Lionheart III in an 8-K said $412,500 (3.3 cents a share) had been deposited into its trust for the first of up to six monthly extensions, buying more time for the SPAC to complete its deal with Security Matters, an Australian tech company.
Announced in July at a valuation of $360 million, the deal is expected to generate proceeds of up to approximately $116 million, assuming no redemptions by Lionheart’s stockholders.
If the deal is approved, the combined enterprise would list on the Nasdaq via a newly-formed Irish company to be named SMX Public Limited. Upon closing, shares and warrants of SMX Ireland are expected to trade on the Nasdaq under the new ticker symbols SMX and SMXW. Security Matters would delist from the Australian Exchange. Read more.