Kairous Acquisition announced today that its sponsor deposited $360,000 into trust to extend the SPAC’s merger deadline from today until March 16, 2023. The SPAC issued a convertible promissory note to the sponsor, which can opt to convert any portion of the loan into the SPAC’s units.
Kairous earlier this week announced a deal with Malaysia-based Wellous Group Limited, an Asia-based international nutrition company that develops, manufactures, markets and sells health and wellness products.
The merger consideration is $270 million, payable by newly-issued securities at $10.10 per share. Additional earnout shares may be issued to Wellous stockholders after closing, upon achievement of certain trading price-based and/or profitability targets.
Cash proceeds raised will consist of Kairous’s approximately $21 million in trust (assuming no redemptions). Read more.
