HHG Capital in an 8-K today said shareholders approved extending the SPAC’s completion deadline in monthly increments up to September 2024. There were no dissenting votes cast, according to the filing.
HHG has a deal in hand with with Perfect Hexagon Group Limited, which is engaged in precious metals commodities trading.
HHG Capital’s sponsor made a deposit for the first monthly extension to Oct. 23. Subsequent extensions require a deposit into trust of 3.33 cents a share.
The SPAC said 32,845 shares were redeemed. The amount of funds remaining in the trust is just over $35 million. HHG intends to supplement the cash in trust with a PIPE to support the Perfect Hexagon transaction.
The SPAC had raised $50 million in an IPO almost two years ago.
Perfect Hexagon 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. The target 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. Read more.
