Energem Wants 6 More Months to Complete Graphjet Deal

Energem in a proxy filing called a Feb. 16 meeting for shareholders to vote on a proposed completion extension that would give the SPAC until Aug. 18 to complete its deal with Graphjet. The current deadline is Feb. 18.

Graphjet Technology is a Malaysian company that produces green, low-cost graphene, graphite and graphene-based materials.

If the extension is approved, Energem’s sponsor would deposit 4.5 cents a share or about $54,762 for 1,216,932 Class A ordinary shares, ahead of each month required until the new deadline. The deposits are to be backed by non-interest bearing, unsecured promissory note payable upon completion of the SPAC’s a business combination.

The deal was announced in August 2022. At announcement, Graphjet investors were to receive $117 million of cash in Energem’s trust, as well as rollover equity.

Hovwever, the SPAC held just shy of $14 million in trust as of Dec. 31, according to the proxy filed today. Read more.

Total
0
Shares
Related Posts
Read More

Blue World Acquisition Registers for $80M IPO

Blue World will pursue an acquisition primarily in the marine leisure, cruise, marine infrastructure and engineering, general hospitality, travel and tourism, marine services, logistics and supply chain, offshore energy solutions and related industry segments.