Kernel Group in an 8-K said the Nasdaq had granted an extension to July 1 for the SPAC to complete a deal, having already exceeded the 36-month deadline the exchange requires of blank-check firms.
Kernel earlier this month extended its own deadline to May 5 as it works on finalizing a deal with AIRO Group Holdings, an air mobility, autonomy & aerospace platform. The transaction calls for a new Delaware holding company, AIRO Group, to acquire both Kernel and AIRO.
The deal was announced in March 2023 at a pro forma enterprise value of approximately $847 million, assuming no redemptions.
Kernel shareholders in February approved monthly extensions up to Aug. 5.
Kernel raised $265 million in a February 2021 IPO. Read more.
