AGBA Acquisition in an 8-K filing said it and merger partner TAG Holdings have agreed to waive the lock-up period for the SPAC’s shareholders. Initial terms called for a lock-up of 180 days for investors each holding more than 1% of shares outstanding.
AGBA earlier this month pumped $540,000 into its trust for a three-month deadline extension.
After facing a Nasdaq delisting earlier this summer, the exchange in June agreed to give AGBA until November to complete a deal. A Nasdaq rule requires SPACs to close a deal within 36 months of their IPO, which in AGBA’s case was back in May 2019.
TAG is engaged in B2B and fintech through its subsidiaries.
The transaction with AGBA is an all-stock deal with an enterprise value of $555 million. Read more.
