Cartica Acquisition in an 8-K said it entered into non-redemption agreements with unaffiliated institutional investors in exchange for the holders agreeing either not to request redemption, or to reverse any previously submitted redemption demand covering 700,000 Class A shares. The agreement comes ahead of an extension vote. The SPAC wants to move its deal deadline from July 7 to April 7, 2024.
In return, holders participating in the non-redemption agreement would receive 175,000 Class A shares if and when the SPAC completes a deal.
Cartica estimates that as of the June 30 meting date the pro rata portion of the funds available in the company’s trust account for redemptions will be approximately $10.67 per share.
Cartica raised $200 million in a January 2022 IPO with plans to focus on a business combination with an India-based technology firm. Read more.
