Athena Consumer Acquisition today announced it has extended its merger deadline again, by one month to Jue 22. This is the fifth of six available montlhy extensions.
The SPAC’s sponsor deposited $112,691.48 into Athena’s trust account for extension.
Athena has a pending deal with German EV maker e.Go. At deal announcement last July, the transaction was expected to provide gross proceeds of up to approximately $285 million to e.GO. That was before redemptions ahead of deadline extensions began to erode the cash in trust.
The SPAC disclosed in February that its forward purchase agreement with Vellar Opportunity Fund SPV was terminated. Vellar was to purchase up to 15 million shares. This followed a January setback when Athena lost 91% of its shares to redemptions ahead of an extension vote.
The SPAC has secured $15 million in bridge financing and still holds about $21.4 million in trust. Read more.
