Papaya Growth Opportunity I in an 8-K said today’s shareholder meeting to vote on an extension has been postponed to Aug. 30. The proposal calls for pushing the SPAC’s termination deadline from Oct. 19 to Feb. 19 in monthly increments. In return, the sponsor would deposit the lesser of $325,000 or 3.25 cents per share into trust for each month.
As a result of the postponement, the redemption deadline has been moved to Aug. 28.
The purpose of the delay is so the SPAC can revise the proposed extension payment.
The SPAC raised $250 million in a January 2022 IPO to search for a target business operating in the software, internet, media, fintech, healthcare IT or consumer industry sectors. Redemptions ahead of an extension vote back in April reduced the cash in trust to about $102.5 million. Read more.
