Pacifico Acquisition today announced that it and Caravelle Group Co., Ltd., an ocean technology company providing international shipping services and a carbon-neutral solution for wood desiccation, are postponing the closing of their business combination due to certain conditions not yet being satisfied.
Pacifico in a press release said it is working toward closing the transaction within 30 calendar days, although no reason was given for the delay in closing the deal.
While Pacifico shareholders overwhelmingly approved the merger late last month, the SPAC noted that 99.56% of shares outstanding were redeemed. The parties in August agreed to eliminate a $60 million PIPE as well as the $4 million minimum cash closing condition on their deal. Read more.
