Pearl Holdings Acquisition in an 8-K said it entered into non-redemption agreements covering 1.875 million shares ahead of an upcoming extension vote.
Participating investors in the NRA would receive 420,000 shares if they hold their stock until the SPAC completes a deal.
The extension proposal, if approved, would give Pearl Holdings until December 2024 to find and close an acquisition. A separate proposal in the proxy would give the SPAC board authority to liquidate at an earlier date if shareholders vote in favor of the measure.
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 enrich the trust with more cash if the extension is approved.
The SPAC held approximately $214 million in trust as of Sept. 30. Read more.
