Technology & Telecommunication Acquisition in an 8-K said shareholders approved extending the SPAC’s completion deadline by up to seven months, until Jan. 20, 2025. Terms call for the SPAC’s sponsor to deposit the lesser of $60,000 or 2 cents a share into trust for each month.
TTA in October 2022 announced a deal with Malaysia-based Super Apps Holdings Sdn Bhd at a pro forma enterprise value for the combined company of approximately $1.1 billion. A proxy outlining the deal was filed last August.
Terms call for the combined company to receive $1.1 billion, less debt and any redemptions. A payment of $235 million will be made at closing with the remaining $865 million subject to earn-out provisions.
Super App immediately prior to the closing will purchase 60% of MobilityOne’s ownership interest in OneShop Retail Sdn. Bhd. MobilityOne has developed an end-to-end e-commerce solution which connects various service providers across several industries such as banking, telecommunication and transportation through multiple distribution devices such as EDC terminals, short messaging services, ATMs and Internet banking.
The SPAc raised $100 million in a January 2022 IPO. Read more.
