Plutonian Acquisition announced today that its merger partner Big Tree Cloud International deposited $210,000 into the SPAC’s trust to extend the completion deadline by three mon ths, up to Aug. 15.
Plutonian issued a convertible promissory note in the same amount to Big Tree Cloud. The promissory note bears no interest and is convertible into the SPAC’s stock at $10 a share.
Plutonian shareholders last month unanimously approved the merger, but redemptions removed about $35.4 million from the trust, leaving $172,348. The SPAC has a private placement of nearly $2.7 million.
Both parties have agreed to make their best reasonable efforts to obtain at least an additional $10 million in financing for the deal.
The deal was announced last October at an equity value of $500 million.
Founded in 2020, Big Tree Cloud is engaged in the development, production and sales of personal care products and other consumer goods in China. Big Tree Cloud’s product portfolio places a strong emphasis on feminine hygiene products.
Plutonian raised $57.5 million in a November 2022 IPO. Read more.
