Catcha Investment and merger partner Crown LNG in a regulatory filing said they agreed to extend the deal termination date to June 17, when either side may walk away if closing conditions have not been satisfied. Also, the parties have agreed that the deal may be terminated by Crown if the parties do not receive notice by June 17 from NASDAQ, NYSE American, or another exchange acceptable to Crown, that the post-business combination public company common stock shall be approved for listing upon the closing.
Crown shareholders, meanwhile, approved monthly extensions on the liquidation date up to Aug. 17.
A vote on the merger was scheduled earlier this month but postponed until June 12. At the same time, 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. Read more.
