Plutonian Acquisition in a regulatory filing said shareholders voted unanimously in favor of combining with Big Tree Cloud International Group. However, the SPAC said 3,223,953 shares were redeemed going into the merger vote, removing approximately $35.4 million from trust and leaving $172,348.
The deal was announced last October at an equity value of $500 million.
Founded in 2020, Big Tree Cloud is engaged in the development, production and sales of personal care products and other consumer goods in China. Big Tree Cloud’s product portfolio places a strong emphasis on feminine hygiene products.
Plutonian raised $57.5 million in a November 2022 IPO. The SPAC also has a private placement of nearly $2.7 million.
Both parties have agreed to make their best reasonable efforts to obtain at least an additional $10 million in financing for the deal. Read more.
