10X Capital Venture Acquisition III in a proxy filing proposes a deadline extension up to January 2025 while it works to complete a merger with American Gene Technologies. The current deadline is July 14.
The SPAC held just over $22.6 million as of June 6, according to the proxy. 10X originally raised $304.5 million in a January 2022 IPO and private placement. The SPAC lost $266.7 million from its trust due to redemptions on an extension vote in December 2022.
If the extension is approved, the sponsor will continue to receive payments from the SPAC of $37,500 per month for office space and secretarial and administrative services.
10X Capital Venture III in August last year announced a merger agreement with American Gene Technologies International at pre-money enterprise value of $500 million. At deal announcement, the transaction was expected to close in the first quarter of 2024. Read more.
