10X Capital Venture Acquisition III in an 8-K said it signed a non-redemption agreement with an investor for an unspecified number of shares ahead of the SPAC’s extension vote.
10X III wants to push its merger deadline from Oct. 14 to Jan. 14, 2024, with the option for the board to further stretch the deadline in monthly increments until July 14 without additional shareholder approvals..
In return, the SPAC will give the investor 210,000 Class B shares for holding the stock through the initial six-month extension. If the board opts to push the deadline into July, the non-redeeming ivestor would receive an aggregate of up to 630,000 Class B shares.
The SPAC held about $43.3 million in trust as of Sept. 27, according to the filing.
10X Capital Venture III in August announced a merger agreement with American Gene Technologies International at pre-money enterprise value of $500 million. The target is a clinical-stage gene and cell therapy company developing a functional cure for HIV. Read more.
