Northern Revival Acquisition in a proxy filing seeks shareholder approval to push its termination date back from Feb. 4 to Aug. 4 as it works to finanlize a deal with Australian technology company Braiin Limited. The proposed new deadline would be 42 months post-IPO for the SPAC.
A shareholder meeting is set for Jan. 30 to vote on the extension plan. If approved, the SPAC’s sponsor has agreed to deposit 3 cents a share into trust for each month. The business combination between Braiin and the SPAC had been expected to be completed in the first quarter.
The deal was announced in March 2023, originally at a $215 million valuation. The SPAC in the proxy said it holds $20.9 million in trust as of Dec. 31.
Northern Revival earlier this week filed an F-4 outlining the deal. The parties also increased the pro forma enterprise value to approximately $572 million, primarily based on acquisition agreements entered into between Braiin and Vega Global Technologies, a company with agreements to acquire Exato Technologies, Nisus Australia and Nisus Payroll . The agreements with Exato and Nisus are contingent upon the closing of the business combination with the SPAC.
Braiin provides a precision agriculture technology platform to improve traditional farm management through automation, insights, and connectivity, operating in three key divisions that provide connectivity infrastructure, drones, imagery, analytics, and actionable productivity recommendations to farms in Australia and the Asia Pacific region. Read more.
