Mana Capital Acquisition said its board has approved a second extension for completing a merger, pushing the deadline back one month to Oct. 26. The extra time is needed to finalize its deal with Cardio Diagnostics.
In return, Cardio is expected to deposit $216,667 into SPAC’s trust account, or 3.3 cents per share.
Mana Capital has 10 more monthly extensions at its disposal.
Cardio Diagnostics and Mana Capital announced their merger agreement in May.
The combined company is expected to have a post-transaction equity market capitalization of $175 million, assuming no redemptions. Cardio Diagnostics would have approximately $10 million in gross proceeds raised in 2022 from common stock equity investors prior to closing. Cardio Diagnostics’ cash on the balance sheet prior to closing is expected to fund operations through the end of 2023.
Mana raised $62 million in a November 2021 IPO. Read more.
