Abri SPAC I in a proxy filing seeks shareholder approval for another extension to complete its deal with DLQ, a provider of digital consumer acquisition solutions and wholly-owned subsidiary of Logiq.
The current extension, approved back in December, expires next month.
Abri I wants to push the deadline to Feb. 12, 2024. A vote on the matter is scheduled for Aug. 7.
Abri also said it is no longer required to maintain net tangible assets of $5 million in order to complete the business combination.
Announced in September, the transaction had been expected to close in the first quarter of 2023. DLQ was valued at $114 million at that time.
The SPAC raised just over $57 million in an August 2021 IPO. As of July 26, Abri I held approximately $13.8 million in trust, according to the proxy.
DLQ, Inc. is a U.S.-based provider of e-commerce and digital customer acquisition solutions by simplifying digital advertising. It provides data-driven, end-to-end marketing.
