Swiftmerge Acquisition in an 8-K said the shareholders meeting to vote on an extension proposal was convened yesterday and adjourned until Thursday at 3 p.m. Eastern. Voting may continue in the interim, according to the filing. The proposal, if approved, would push the SPAC’s completion deadline from June 17 to March 15, 2024.
Swiftmerge in an earlier filing disclosed that 20,553,090 shares were redeemed ahead of the meeting originally scheduled.
The SPAC held about $225 million in trust as of April, when the SPAC signed an LOI with HDL Therapeutics, a privately held commercial stage biotech company. Based on that amount, redemptions erased about 95% of the trust.
Swiftmerge raised $200 million in a December 2021 IPO “to pursue opportunities targeting disruptive consumer companies utilizing technology and the internet to evolve the way that consumers interact with the market.” Read more.
