Catcha Investment called a May 15 meeting for shareholders to vote either on a three-month extension or the proposed merger with Crown LNG — but not both. Catcha said it will announce by May 13 which measure will be put to a shareholder vote. The SPAC wants to move the completion deadline to Aug. 17.
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 numerous 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. Read more.
