Fat Projects Acquisition in an 8-K said it weill now deposit 6.25 cents a share into its trust account per month if shareholders approve an extension up to July 15. The original proposal called for sweetnening the trust by 6 cents a share per month.
The SPAC has a merger agreement with Avanseus, which specializes in building enterprise solutions driven by analytics, artificial intelligence, machine learning, and cognitive computing.
Both companies are based in in Singapore. Their business combination agreement would give Avanseus a pro forma enterprise value of approximately $135.7 million. If approved, upon closing the combined company is expected to continue trading on the Nasdaq.
Back in September, Fat Projects said it would try to raise up to $35 million in a PIPE to support the deal. The SPAC may also issue up to 1 million shares in private placements for a support pool.
Fat Projects raised $100 million in an October 2021 IPO. Read more.
