New Providence Acquisition II said it received shareholder approval to move its termination deadline up to six times in monthly increments until Nov. 9.
The SPAC said 4,585,351 shares were redeemed, removing approximately $49.9 million ($10.89 per share) from the trust account. Following redemptions, the company will have 682,524 shares outstanding.
New Providence II last week announced that it signed a non-binding letter of intent for a potential business combination with a company in the consumer sector.
The SPAC originally raised $225 million in a November 2021 IPO to target companies in the consumer sector. Read more.
