Cetus Capital Acquisition said its stockholders approved a deadline extension from Feb. 3 up to Aug. 3. In retiurn, the SPAC’s sponsor would deposit the lesser of 3 cents a share or $50,000 into trust for each month required under the new completion deadline.
Cetus said 3,691,066 shares were redeemed ahead of the vote — nearly half of shares outstanding.
The SPAC in June of last year announced a merger agreement with MKD Technology for $230 million.
Based in Austin, TX, MKD Technologies provides software engineering solutions through products and professional services.
The deal could have been terminated by either party if it did not close by Nov. 1, although the merger agreement is still in play.
Cetus raised $50 million in a February 2023 IPO. Read more.
