S-4 Filing

The SPAC wants to push its deadline to November, which would mark 36 months since its $100 million IPO.

Social Leverage I last September called off a deal with W3BCLOUD Holdings, a storage and computer infrastructure provider for Web3.

Founded in 2017, Cycurion has built an end-to-end offering of cybersecurity protection that serves multiple Federal Government and commercial organizations.

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.

The SPAC has a May 2024 deadline to complete a deal. 

PIPE subscriptions for the deal have increased to about $520 million — one of the largest private investment packages put together by a SPAC in years.

The target posted revenues of $938 million in fiscal 2023, according to the presentation.

The SPAC secured a 12-month extension nearly a year ago.

The parties currently expect that the total proceeds upon closing will constitute a majority of the $30 million minimum cash condition and that they will successfully negotiate the reduction or deferral of certain cash expenses payable to third-party vendors at closing.

The SPAC raised $200 million in a February 2022 IPO to focus on U.S. companies in the disruptive technology sector, such as artificial intelligence, robotics, and any other technology innovations.