Kairous Acquisition said its sponsor deposited $360,000 into trust to extend the SPAC’s merger deadline from March 16 to June 16. The SPAC issued a convertible promissory note that would let the sponsor acquire shares at $10.10 each on any principal from the note.
The SPAC’s last extension began in December, when it announced a deal with Malaysia-based Wellous Group Limited, an Asia-based international nutrition company that develops, manufactures, markets and sells health and wellness products.
Cash proceeds on the deal will consist of Kairous’s approximately $21 million in trust, assuming no redemptions. Read more.
