Liberty Resources Acquisition will ask shareholders to support a deadline extension until February 2024 as it works to complete a deal with Markmore Energy Limited to take public its subsidiary Caspi Oil Gas, according to a proxy filing. The transaction represents a proforma enterprise value of $427.7 million for Caspi. The merger agreement was announced last August.
If shareholders approve a termination date beyond the current May 8, the SPAC’s sponsor has agreed to deposit into trust the lesser of $150,000 or 5 cents per share for each month required.
The SPAC raised $100 million in a November 2021 IPO. Read more.
