Aquaron Acquisition’s Merger Partner Provides $20K to Push Deadline Back a Month

Aquaron Acquisition announced today that merger partner Bestpath IoT Technology deposited $20,000 into the SPAC’s trust to extend the completion deadline to June 6. Aquaron issued a promissory note to Bestpath in the amount of the deposit. The interest-free promissory note is convertible into Aquaron securities at $10 per unit.

Bestpath develops hydrogen fuel cell powered vehicles in China. To date, the target has loaned at least $160,000 to the SPAC to cover extension deposits.

Aquaron raised $50 million in an October 2022 IPO to focus on companies in the new energy sector. Aquaron intends to raise additional funding via one or more PIPE subscriptions. Read more.

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