Generation Asia I Acquisition filed a preliminary proxy asking shareholders to vote for a deadline extension that would give the SPAC until July 2025 to close a deal. If approved, the company would arrange to deposit the lesser of $125,000 or 3 cents a share into trust for each month.
Generation Asia I raised $200 million in a January 2022 IPO and has not yet announced a deal. The TMT-focused SPAC has been targeting companies across Asia, excluding China, Hong Kong and Macau.
The filing does not state how much cash the SPAC presently holds in trust. Read more.
