Onyx Acquisition I in a proxy filing seeks shareholder approval for a deadline extension from Feb. 7 to Nov. 5, which would mark the third anniversary of the SPAC’s IPO.
Onyx has been in “advanced discussions” for more than a year about a potential merger with Helios Energy Transition Infrastructure, although a formal agreement has yet to be announced. The target is focused on the development of natural gas and low-carbon energy infrastructure businesses and assets in Africa. A potential deal between the companies was first reported in November 2022.
The SPAC held just over $22 million in trust as of Jan. 9, according to the proxy. Onyx originally raised $230 million in a November 2021 IPO.
The transaction under consideration is expected to have an enterprise value of approximately $1 billion. Read more.
