Pegasus Digital Mobility Acquisition in an 8-K said its board approved the use of up to 2,812,500 Class B shares to incentivize investors in non-redemption agreements.
The SPAC has a deal in hand with Gebr. Schmid Group and an April 30 deadline to close.
The target is a global solutions provider for the high-tech electronic, photovoltaics, glass, and energy systems industries.
Also today, the SPAC said it issued a non-convertible promissory note to its sponsor for up to $1 million.
Ahead of a successful extension vote in December, the SPAC had said 503,201 shares were redeemed for about $5.55 million. That left 4,500,017 shares outstanding, or about $49.6 million.
Pegasus Digital originally raised $200 million in an October 2021 IPO. Read more.
