Papaya Growth Opportunity I in an 8-K said its shareholder meeting to consider a deadline extension has been pushed from today to Feb. 16. The SPAc seeks approval for monthly extensions to January 2025. The current deadline is Feb. 19.
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.
