Carney Technology Acquisition II in an 8-K filing said shareholders approved a deadline extension until June 14, 2023. The sponsor has committed to loan the SPAC up to $2.34 million to deposit in trust for non-redeeming shareholders. The sponsor will deposit $390,088.68 (4 cents a share) for each month required unde the extension.
That wasn’t good enough to satisfy most shareholders, as the SPAC was hit with redemptions of 76%. According to the filing, 30,497,783 shares were redeemed in connection with the extension vote, leaving 9,752,217 shares outstanding.
Carney II raised $402.5 million in a December 2020 IPO. Read more.
