Catcha Investment in an 8-K said the shareholders meeting to consider a proposed merger with Crown LNG was adjourned May 10 without a vote, and will now be held June 12. As a result, the new redemption deadline will be June 10 at 5 p.m.
Additionally, the SPAC’s sponsor converted 7,350,350 million founder shares into Class A shares. The converted shares now represent about 81% of Class A shares outstanding.
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.
The target is a provider of LNG liquefaction and regasification terminal infrastructure solutions for harsh weather locations.
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.
