Technology & Telecommunication Acquisition in a proxy filing called a Jan. 18 meeting for shareholders to vote on an extension of the SPAC’s deadline to complete a merger, specifically with Super Apps. TTA wants to move the deadline back from Jan. 20 to July 20, 2023.
In return, the SPAC would deposit 5.25 cents a share into trust for each month required under the extension.
TTA in October announced a deal with Malaysia-based Super Apps Holdings Sdn Bhd at a pro forma enterprise value for the combined company of approximately $1.1 billion.
Terms call for the combined company to receive $1.1 billion, less debt and any redemptions. A payment of $235 million will be made at closing with the remaining $865 million subject to earn-out provisions.
Super App immediately prior to the closing will purchase 60% of MobilityOne’s ownership interest in OneShop Retail Sdn. Bhd. MobilityOne has developed an end-to-end e-commerce solution which connects various service providers across several industries such as banking, telecommunication and transportation through multiple distribution devices such as EDC terminals, short messaging services, ATMs and Internet banking. Read more.
