RCF Acquisition in a proxy filing asks shareholders for a further deadline extension up to November 2024. The SPAC earlier this month announced the transfer of sponsor management to Perception Capital Partners IV.
Perception Capital Partners is a private and public investment firm and serial sponsor of SPACs.
The extension proposal calls for moving the deadline from May 15, 2024 to Nov. 15, 2024. The sponsor would deposit the lesser of $150,000 or 4.5 cents a share into trust for a three-month extension from Dec. 15 through March 15, 2024. Ater that, the deposit would be $50,000 or 1.5 cents a share per month through Nov. 15, 2024.
RCF raised $200 million in an IPO two years ago and has been focused since on targeting businesses of scale across the critical minerals value chain. Read more.
