Kairous Acquisition today in a regulatory filing said it intends to combine with NR Instant Produce at an initial merger consideration of $300 million. Both sides have agreed to an outside closing date of March 31, 2024.
The target is a Southeast Asian food manufacturer and distributor based in Thailand.
Kairous also agreed to have a minimum of $2 million in cash and at least $5 million in net tangible assets at closing. The merger agreement does not mention any other form of financing the SPAC might bering to the table.
Kairous in June terminated a deal with Malaysia-based Wellous Group Limited, an international nutrition company that develops, manufactures, markets and sells health and wellness products.
The SPAC raised $75 million in a Decmber 2021 IPO, although redemptions since then have reduced the trust to about $21 million. Read more.
