StoneBridge Acquisition in an 8-K said its termination date was extended to Jan. 20, following shareholder approval last month of a business combination with DigiAsia Bios Pte. Ltd. The Indonesia-based acquisition is an embeddable “Fintech-as-a-Service” company.
The agreement with DigiAsia provides that if StoneBridge extends the deadline for completing a business combination, the termination date will be further extended until April 30.
Digiasia at deal announcement in January 2023 was expected to receive the approximately $200 million in the SPAC’s trust at that time, however, redemptions since then left StoneBridge with about $26.5 million going into the merger vote.
Existing DigiAsia shareholders, which include Mastercard and Reliance Capital Management, a portfolio company of LeapFrog Investments, will roll 100% of their equity into the combined company.
DigiAsia has also secured a partnership with DBS Bank Ltd, the largest bank in Singapore and Southeast Asia, to disburse loans into DigiAsia’s lending marketplace for merchants via its KreditPro platform.
Founded in Jakarta in 2017, DigiAsia says it is a leader in embedded fintech and banking in Indonesia.
