Kernel Group Holdings filed a proxy asking shaholders for a completion extension from Feb. 5 up to Aug. 5. The SPAC has a deal in hand with AIRO Group Holdings, an air mobility, autonomy & aerospace platform. The transaction calls for a new Delaware holding company, AIRO Group, to acquire both Kernel and AIRO.
The deal was announced in March 2023 at a pro forma enterprise value of approximately $847 million, assuming no redemptions.
The extension vote is set for Feb. 1 at 9 a.m. Eastern. Shareholders who want to bail out can expect a redemption price of about $10.74 per share.
Kernel raised $265 million in a February 2021 IPO. Read more.
