Papaya Growth Opportunity I in a proxy filing proposes a termination extension from Feb. 19 to Nov. 19.
If shareholders approve, the SPAC’s sponsor would deposit the lesser of $30,000 0r 3 cents a share into trust for each month needed.
The SPAC raised $250 million in a January 2022 IPO to search for a target business operating in the software, internet, media, fintech, healthcare IT or consumer industry sectors. However, Papaya Growth disclosed last month that it faces delisting from the Nasdaq for falling below the exchange’s $50 million minimum market cap requirement. The SPAC has until June 7 to regain compliance. Read more.
