FTAC Emerald Acquisition said its shareholder meeting set for Jan. 16 to vote on an extension proposal has been pushed to Jan. 19 at 11 a.m. Eastern.
Led by SPAC veteran Betsy Cohen, FTAC Emerald said last week it plans to secure non-redemption agreements ahead of the extension vote. If approved, the SPAC’s new deadline would be Dec. 20.
FTAC had faced an original termination deadline in June 2023, but right before it was due to expire the SPAC announced it had signed a letter of intent for a deal with an unnamed target. That automatically extended the runway to Sept. 20. Another extension vote followed, pushing the deadline to the current Jan. 19 termination date.
The SPAC won four additional months on the last extension vote, but lost 34% of its shares to redemptions.
There has been no further announcement regarding the LOI.
FTAC Emerald raised $220 million in a December 2021 IPO to focus on sustainable businesses. Read more.
