Aquaron Acquisition said its merger partner Bestpath IoT Technology deposited $70,000 into the SPAC’s trust to extend the completion deadline on the deal until April 6.
Aquaron issued a convertible promissory note to Bestpath in the same amount. The note bears no interest and is convertible into the SPAC’s units at $10 each. A unit consists of a share and one right to receive one-fifth of a share when Aquaron closes the deal.
At announcement a year ago, the deal had an initial equity value of approximately $1.2 billion.
Bestpath develops hydrogen fuel cell powered vehicles in China.
Aquaron raised $50 million in an October IPO to focus on companies in the new energy sector. Aquaron intends to raise additional funding for the Bestpath acquisition via one or more PIPE subscriptions. Read more.
