Kairous Acquisition announced today that its sponsor deposited $50,000 into trust to move the SPAC’s deadline to June 16. Kairous issued a promissory note in an equal amount amount to the sponsor. The note bears no interest and will be converted into the company’s ordinary shares at $10.10 per share at the closing of a business combination.
The SPAC has a $300 million deal in hand with NR Instant Produce, based in Thailand. The target is a Southeast Asian food manufacturer and distributor.
The outside completion date on the deal was amended last month to Nov. 15. Read more.
