Portage Fintech Acquisition in an 8-K said it signed non-redemption agreements with certain unaffiliated third parties who will hold and not cash in 200,000 Class A shares ahead of the SPAC’s extension vote. In return, those investors would receive 60,000 sponsor shares.
Portage wants to add a year to its merger deadline without additions to the trust account. If approved, the new deadline would be July 31, 2024.
The SPAC also postponed the extension vote from July 19 to July 21.
Portage last week also changed management after selling sponsor shares and warrants to Perception Capital Partners. The regulatory filing did not state whether the new management bought all or a portion of the founder shares and warrants.
The SPAC raised $240 million two years ago with plans to target key verticals such as Wealth and Asset Management, Consumer and SME Finance, Insurance, Payments, Information Services and FinTech Infrastructure. Read more.
