AltEnergy Acquisition in a filing said its shareholder meeting has been moved from April 2 to April 16 for a vote on an extension from May 2 up to Nov. 2.
The new redemption deadline is April 12 at 5 p.m. Eastern.
The SPAC last month announced a merger agreement with Car Tech, a U.S. stamped auto-body parts manufacturer and subsidiary of Korean supplier, Shinyoung Co.
Terms call for an aggregate merger consideration of $80 million minus any shortfall in AltEnergy’s obligation to source at least $50 million in a private placement to be completed immediately prior to the merger, plus an additional $40 million in earnout shares.
AltEnergy holds just over $17.7 million in trust, according to the filing.
AltEnergy originally raised $230 million in a November 2021 IPO to focus on companies engaged in clean and renewable energy. Read more.
