Pacifico Acquisition announced today that its sponsor intends to deposit $575,000 (10 cents a share) into the company’s trust account if it does not complete a merger by this Friday.
This second of three extensions would give the SPAC until March 16, 2023 to complete the deal.
Pacifico earlier this month said it and Caravelle Group Co., Ltd. were postponing the closing of their business combination due to certain conditions not yet being satisfied. Pacifico had said it is working toward closing the transaction within 30 calendar days.
Today’s press release made no mention of Caravelle or any of the circumstances surrounding the delays.
While Pacifico shareholders overwhelmingly approved the merger in late November, 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.
Caravelle is an ocean technology company providing international shipping services and a carbon-neutral solution for wood desiccation. Read more.
