Catcha Investment filed a preliminary proxy asking shareholders for an extension from May 17 to Aug. 17 while it works to complete a deal with Crown LNG.
The target is a provider of LNG liquefaction and regasification terminal infrastructure solutions for harsh weather locations.
Catcha and Crown announced the deal back in August at a pre-money valuation of approximately $600 million, and a pro forma enterprise value of the combined company at $685 million.
The SPAC’s shareholder vote on the merger has been postponed three times.
If approved, upon completion Crown’s shares are expected to trade on the NYSE under the ticker CGBS.
The transaction is expected to provide $50 million of capital, with net proceeds going to fund the company’s Kakinada and Grangemouth projects to final investment decision.
The SPAc originally raised $275 million in a February 2021 IPO. The preliminary proxy does not state the current amount held in trust. Read more.
