Everest Consolidator Acquisition said its sponsor intends to deposit $1.725 million (10 cents a share) into the SPAC’s trust by the current Feb. 28 merger deadline. That would buy the SPAC three more months, until May 28, to complete a deal.
In return, the sponsor will receive 1.15 million private placement warrants at a rate of $1.50 each.
Everest raised $172.5 million in a November 2021 IPO with plans to target businesses in the wealth management industry. Read more.
