TMT Acquisition announced that a shareholder meeting to consider an extension proposal will not proceed after it was adjourned three times.
Instead, the SPAC intends to use its automatic three-month extension and deposit $600,000 into trust for each month required. That would move the new deadline into June. Redeemed stock will be returned to shareholders.
The SPAC had wanted to move its deadline back to Dec. 30 as it works to finalize a $450 million merger with eLong Power.
The target is a provider of high power battery technologies for commercial and specialty vehicles and energy storage systems. Announced in December, the deal had been expected to close in the first half of 2024.
Huizhou Yipeng Energy Technology is the operating entity of eLong Power. If the deal is approved, upon closing the combined company is expected to list on the Nasdaq. Read more.
