Energem, in pursuit of a deadline extension, said it has revised terms of its extension amendement that shareholders will consider at a metting tomorrow.
As originally proposed, the extension called for a deposit of 3.33 cents per per unit for each month, up to nine months total. As revised, the amendment would increase the deposit amount by an additional 4.5 cents per unit for each month of the extension.
Energem has a merger agreement with Graphjet Technology Sdn. Bhd., a Malaysian company that owns a patent-pending technology to recycle palm kernel shells generated in the production of palm seed oil to produce single layer graphene and artificial graphite.
Terms call for Graphjet investors to receive $117 million of cash in Energem’s trust, as well as rollover equity. The deal has a pro forma enterprise value of $1.49 billion. Read more.
