Mountain Crest Acquisition IV in a proxy filing asks shareholders to approve two deadline extensions of three months each, which would give the SPAC until July 2, 2024 to close its merger with CH-AUTO.
Shareholders approved the deal last month, although redemtpions since the SPAC’s $50 million IPO in June 2021 have removed 99% of the trust.
CH-AUTO is an electric vehicle manufacturing and design service company based in China.
If the extension wins approval, the SPAC would deposit 10 cents a sharee for each month required up to the new deadline.
Mountain Crest IV announced the deal in May 2022 when it was valued at $1.2 billion. Read more.
