Pearl Holdings Acquisition in a proxy filing seeks a deadline extension until Dec. 17, 2024, whicvh would be three years post-IPO.
A separate proposal in the proxy, if approved, would give the SPAC board authority to liquidate at an earlier date.
Pearl Holdings in June said it signed a letter of intent with an unnamed target for a potential business combination. That gave the SPAC an automatic extension up to the current Dec. 17 deadline, although no mention is made in the proxy of the LOI or any progress on a potential business combination.
There is no plan to sweeten the trust with more cash if the extension is approved.
Based on the approximately $214 million in trust as of Sept. 30, the SPAC estimates that the per-share redemption price will be about $10.71. Read more.
