Welsbach Technology Metals Acquisitions filed a proxy in which it itneds to ask shareholders for an extra six months to close its proposed business combination with WaveTech.
In return for monthly extensions up to Sept. 30, the SPAC would deposit $125,000 into trust for each month required.
WaveTech specializes in next-generation battery-enhancing technologies.
At deal announcement in November, the SPAC’s trust held approximately $78 million.
The transaction includes an earn-out provision that would allow qualified WaveTech stockholders to receive up to an additional 17.5 million shares if certain share price or financial targets are met. Read more.
