Generation Asia I Acquisition said 62,500 Class B shares havbe been submitted in the last two weeks for conversion into Class A shares, on a one-to-one basis.
Based on information from other holders of Class B shares, including the SPAC’s sponsor, Generation Asia I said additional Class B shares are expected to be converted.
The goal is for the SPAC to meet the listing requirements of the Nasdaq, including a minimum capitalization of at least $50 million, ahead of any redemptions in connection with the shareholders’ meeting April 16.
Shareholders are expected to voten on a deadline extension that would give the SPAC until July 2025 to close a deal. If approved, the company would arrange to deposit the lesser of $125,000 or 3 cents a share into trust for each month required up to the new deadline.
Generation Asia I originally raised $200 million in a January 2022 IPO and has not yet announced a deal. The TMT-focused SPAC has been targeting companies across Asia, excluding China, Hong Kong and Macau. Read more.
