Magnum Opus Acquisition Limited in a regulatory filing said it issued an unsecured convertible promissory note to its sponsor for a working capital loan of up to $1.8 million. At the sponsor’s discretion, the loan may be be converted into warrants at $1 each.
The SPAC has a merger agreement with Asia Innovations Group at an equity valuation of $2.5 billion for the combined company. Asia Innovations operates an integrated platform of products designed for mobile devices across social, mobile gaming, e-commerce, and payments. The transaction is expected to close in the first quarter of 2023. If approved, shares are expected to be listed under the proposed new ticker symbol ASIG. Read more.
