RMG Acquisition III today said its board has reversed course and will continue pursuing a business combination after announcing plans earlier this month to dissolve on April 22.
The SPAC now intends to file a proxy seeking an extension date and said it is in the process of appealing the delisting determination by the Nasdaq. RMG III said its expects the securities will remain listed on the Nasdaq Capital Market during the appeals process.
RMG III had a deal with H2B2 Electrolysis Technologies, a vertically integrated provider of hydrogen energy systems, services and equipment.
At deal announcement in May 2023, the closing purchase price was $750 million. RMG III had raised $420 million in a February 2021 IPO, though the trust was down to slightly less than $6.4 million as of Jan. 30, according to a proxy filed at the time.
The parties in December had agreed to reduce the minimum investment amount from $40 million to $30 million. Read more.
