Kernel Group Holdings extended its completion deadline to June 5, deploying the fourth of six monthly extensions available.
Kernel is working to finalize 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. The Nasdaq agreed last month to delay delisting proceedings until at least July 1, after the SPAC exceeded the 36-month deadline the exchange requires of blank-check firms to complete a deal. Read more.
