Papaya Growth Opportunity I in a proxy seeks shareholder approval to push its completion deadline as far back as Jan. 19, 2025. The current deadline is Feb. 19 and a meeting for shareholders to vote on the proposal is set for Feb. 13.
The SPAC’s preliminary proxy had called for an extension until November this year.
Papaya also reduced the amount the sponsor would deposit into trust if the extension passes. The proposal now calls for the lesser of $20,000 or 2 cents a share to be deposited into trust for each month required. The preliminary proxy called for $30,000 a month or 3 cents a share as a contriubution to the trust.
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.
