Moringa Acquisition in a press release said its shareholder meeting to vote on a 6-month extension has been delayed until tomorrow. The vote was originally scheduled for yesterday, although the SPAC convened and adjourned without conducting any business.
The SPAC wants until Aug. 19 to complete its deal with Israel-based travel booking platform Holisto.
At deal announcement in June, Holisto’s expected implied pro forma equity value was approximately $405 million, based on a $10 share price. A bonus pool of up to an additional 1.725 million Holisto shares would also be distributed to non-redeeming Moringa shareholders on a pro rata basis.
Moringa and Holisto also have a securities purchase agreement with a non-affiliated investor in which the investor would purchase a $30 million senior secured convertible note from Holisto, which would be convertible into ordinary shares at the lesser of $11 per share or 90% of the market price at the time of conversion, and a warrant to purchase 1,363,636 Holisto ordinary shares at an exercise price of $11.50 each. Read more.
