Blue Safari Group Acquisition announced today that shareholders voted in favor of the proposal to extend the SPAC’s merger deadline up to Dec. 2023, if necessary. EXtensions would occur in three-month installement.
The SPAC said more than 4 million shares were redeemed in connection with the vote. On Dec. 5, the company deposited $257,758.20 into the trust account for the first extension, which is good until March 14, 2023.
Following the redemptions and deposit, the amount of funds remaining in the trust account is approximately $18.15 million.
The SPAC’s merger partner, Bitdeer Technologies Holding Company, earlier this year made loans in two tranches to extend the combination period up to two times, each for an additional three months. On June 1, Blue Safari Group drew down $575,000 of the loan. Another $575,000 was deposited into the SPAC’s trust in September in exchange for the extension that was to expire this month.
Bitdeer Holding is the parent company of Bitdeer Technologies, a cryptocurrency tech company. The deal with Blue Safari Group was valued at $4 billion when announced in January.
Bitdeer Holding, according to the proxy on the merger deal, is willing to make an additional loan in exchange for approval of a deadline extension, although the amount of any such loan is not specified in the filing.
Headquartered in Singapore, Bitdeer currently operates five proprietary mining datacenters in the United States and Norway.
