Portage Fintech Acquisition in an 8-K said it has signed an additional non-redemption agreement ahead of today’s extension vote, bringing the investors’ commitment to 2 million shares that would not be tendered for redemption. The agreements were signed on July 14, 17, 18 and 19.
In return, the participating investors would receive 600,000 Class B 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.
Portage earlier this month also announced a change in 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.
