Cartica Acquisition in a proxy filing asks shareholders to consider a second extension proposal, this one up to January 2025. A vote is scheduled for April 3.
The SPAC’s charter initially provided that Cartica had until July 7, 2023 to complete its initial business combination, subject to up to two additional three-month extensions. A favorable vote to extend the deadline to April 2024 led to redemptions of $200.9 million in stock last year. In June 2023, just before the extension vote, the sponsor converted 4.75 million Class B shares into the same number of Class A shares.
The SPAC has also been trying to regain compliance with several Nasdaq requirements that, if not satisfied, may result in delisting.
Cartica originally raised $200 million in a January 2022 IPO with plans to focus on a business combination with an India-based technology firm. Read more.
