Aquaron Acquisition today in an 8-K said it issued an unsecured promissory note for $70,000 to Bestpath IoT Technology, the SPAC’s merger partner, in exchange for Bestpath depositing that amount into the company’s trust to cover an extension payment.
The note is convertible into the SPAC’s units at $10 each, consisting of a share and one right to receive one-fifth of a share.
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.
One more month remains under the current extension plan. Aquaron has filed a proxy seeking shareholder approval to push the deadline back as far as May 2025. Read more.
