HHG Capital in a proxy filing seeks shareholder approval to stretch its deal deadline in monthly increments to September 2024. If approved, the sponsor would deposit 3.33 cents a share into trust for each month required.
The SPAC announced last month that it has entered into a definitive merger agreement with Perfect Hexagon Group Limited, which is engaged in precious metals commodities trading.
PH is a physical commodity trading house focusing on precious metal and base metals. PH began partnering with some of the world’s largest commodity trading houses in 2014 with which it collaborated to generate large volumes of global and physical trade flows, according to a press release.
PH also focuses on market making and trading of various types of physical commodities, including precious metals, palm oil and carbon credits. It has a broad base of suppliers and customers, which include banks and international financial institutions.
If the deal is approved as expected in the fourth quarter, Perfect Hexagon Holdings Limited would list on the Nasdaq under the symbol PHGL.
HHG currently holds approximately $35 million in trust and intends to supplement the cash with a PIPE.
The SPAC had raised $50 million in an IPO almost two years ago. Read more.
