Aquaron Acquisition filed a proxy seeking merger deadline extensions in three stages — from July 6 to Oct. 6, plus the option to further extend until Jan. 6, 2024 and then on a monthly basis up to four times until May 6, 2024.
The SPAC has a merger agreement with Bestpath (Shanghai) IoT Technology Co., Ltd. Announced in March, the deal has an initial equity value of approximately $1.2 billion.
Bestpath develops hydrogen fuel cell powered vehicles in China.
Aquaron raised $50 million in an October IPO to focus on companies in the new energy sector. Aquaron intends to raise additional funding for the Bestpath acquisition via one or more PIPE subscriptions.
If the extension is approved, Aquaron’s sponsor has agreed to deposit into trust $210,000 for the first and the second extension periods and then $70,000 for each subsequent one-month extension. Read more.
