Energem today announced that its shareholders meeting to vote on a merger with Graphjet Technology has been pushed from Feb. 23 to Feb. 28.
The target is a Malaysian company that produces green, low-cost graphene, graphite and graphene-based materials.
The redemption deadline was extended to Feb. 26.
The deal was announced in August 2022, when Graphjet investors were expected to receive $117 million of cash in Energem’s trust, as well as rollover equity. Hovever, the SPAC held just shy of $14 million in trust as of Dec. 31.
Energem a year ago secured a standby equity purchase agreements. Terms call for Graphjet Technology to have the right to issue and sell up to $200 million in ordinary shares following the SPAC merger. Read more.
