EF Hutton entered into a Satisfaction and Discharge of Indebtedness Pursuant to Underwriting Agreement with Cetus Capital Acquisition, in which the underwriter agreed to waive $862,500 of the $1.725 million cash deferred underwriting commission on the SPAC’s 2023 IPO.
In addition to accepting half the original commission fee, EF Hutton would receive 115,000 shares of a combined company at $10 per share when Cetus closes a deal.
Cetus has a termination deadline coming up in August. Shareholders approved an extension February, although nearly half of shares outstanding were redeemed.
The SPAC in June of last year announced a merger agreement with MKD Technology for $230 million.
Based in Austin, TX, MKD Technologies provides software engineering solutions through products and professional services.
The deal has an outside completion date of June 30.
Cetus originally raised $50 million in a February 2023 IPO. Read more.
