Kairous Acquisition said its sponsor deposited $50,000 to extend the SPAC’s deadline by another month, to March 16. The company issued a promissory note to the sponsor for the amount.
Kairous in October announced a merger agreement with NR Instant Produce at an initial consideration of $300 million. Both sides agreed to an outside closing date of March 31.
The target is a Southeast Asian food manufacturer and distributor based in Thailand.
Kairous also agreed to have a minimum of $2 million in cash and at least $5 million in net tangible assets at closing.
The SPAC raised $70 million in a December 2021 IPO. Read more.
