Qomolangma Acquisition, an Asia-focused SPAC that raised $50 million in an IPO last September, wants shareholders to approve a completion extension stretching up to August 2024. The current deadline is July 4.
In return for an extension, the SPAC’s sponsor has agreed to deposit the lesser of $80,000 or 3.3 cents a share into trust for every month required, according to a proxy filing.
Since its public float, the SPAC has been focused on businesses in the Asian market, including China, with an enterprise value between $300 million and $500 million. Read more.