Qomolangma Acquisition in an 8-K said shareholders approved a proposal to permit the SPAC to target companies “to undertake an initial business combination with an entity or business, with a physical presence, operation, or other significant ties to China or which may subject the post-business combination business to the laws, regulations and policies of China (including Hong Kong and Macao).”
The SPAC also said it borrowed $150,000 from its sponsor for working capital. The sponsor has already extended $440,000 in loans earlier this year.
Qomolangma raised $50 milion in a September 2022 IPO. Read more.
