StoneBridge Acquisition filed a proxy asking shareholders for another deadline extension. If approved, the SPAC would have until July 20 to complete its deal with DigiAsia and the sponsor would deposit 2.5 cents a share into trush for each month required. A vote is scheduled for Jan. 17.
StoneBridge shareholders last month approved the merger with DigiAsia Bios Pte. Ltd. The Indonesia-based acquisition is an embeddable “Fintech-as-a-Service” company.
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. Read more.
