Technology & Telecommunication Acquisition filed a proxy asking shareholders to support an extension up to Jan. 20, 2025 in monthly installments. The SPAC has not yet disclosed the amount of any monthly deposit into trust in exchange for the extra time. This is the third extension period shareholders are being asked to approve.
The SPAC in October 2022 announced a deal with Malaysia-based Super Apps Holdings Sdn Bhd at a pro forma enterprise value for the combined company of approximately $1.1 billion.
Terms call for the combined company to receive $1.1 billion, less debt and any redemptions. A payment of $235 million will be made at closing with the remaining $865 million subject to earn-out provisions.
The SPAC raised $100 million in a January 2022 IPO to pursue companies in the technology and telecommunications sector in Malaysia. Read more.
