AGBA Acquisition Limited today said its sponsor has deposited $594,466.50 into the SPAC’s trust account, representing approximately 15 cents per share, to extend the merger deadline from Aug. 16 to Nov. 16. The SPAC issued a promissory note with a principal amount equal to the deposit. The promissory note bears no interest and is convertible into the SPAC’s units.
This is the SPAC’s fourth deadline extension. The sponsor in May pumped the same amount into AGBA’s trust account to extend the deadline until Aug. 16.
AGBA raised $40 million in a May 2019 IPO to focus on operating businesses in the healthcare, education, entertainment and financial services sectors that have their principal operations in China. Read more.
