Generation Asia I Acquisition today announced a $35,000 deposit into the shareholders’ trust account to push the SPAC’s deadline back to May 23.
The company had issued an unsecured non-convertible interest-free promissory note in February 2023 to the sponsor for a loan of $550,000 to cover extension payments and working capital needs.
Generation Asia I originally 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.
Redemptions of $59.8 million in stock removed 69% of the cash in trust on an extension vote earlier this month. In response, the SPAC said 2,422,500 Class B shares have been converted into Class A shares on a 1-for-1 basis. Read more.
