Goal Acquisitions filed a proxy in pursuit of shareholder approval for a deadline extension to Feb. 10, 2024. If approved, this would be the third extension since the SPAC announced a business combination with Digital Virgo almost a year ago.
The target is a French corporation which operates a global platform for payment and monetization of digital content and services, providing one destination for entertainment, sports, lifestyle, and ultimately, transportation, education and everyday needs.
The SPAC noted in the proxy that Digital Virgo Group sent notification to unilaterally terminate the business combination. Since receipt of that correspondence, the SPAC said it “has worked diligently to resolve the dispute with an amicable resolution and closing.” Goal Acquisitions said it has initiated arbitration with the International Chamber of Commerce and has also sought interim relief.
Terms with Digital Virgo include approval for listing on the Nasdaq, European electronic money institution approvals, a minimum of $20 million in cash at closing, and the execution of definitive agreements for a $100 million committed capital-on-demand facility.
Goal Acquisitions raised $225 million in a February 2021 IPO. As of Sept. 30, the SPAC’s cash in trust totaled $8,967,382, according to the new proxy filing. Read more.
