Aquaron Acquisition filed a proxy calling on shareholders to vote for an extension up to May 6, 2025, which is 12 months beyond its current deadline.
Aquaron’s merger partner Bestpath IoT Technology earlier this month deposited $70,000 into the SPAC’s trust to extend the completion deadline on the deal until April 6. One more month remains under the current extension plan.
Bestpath develops hydrogen fuel cell powered vehicles in China.
At announcement a year ago, the deal had an initial equity value of approximately $1.2 billion.
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.
