Arogo Capital Acquisition today announced its stockholders approved a deadline extension from March 29 to Dec. 29. This provides extra time for the SPAC to complete its proposed business combination with EON Reality, a global company engaged in virtual and augmented reality, and knowledge Metaverse industry and education solutions. .
Arogo will deposit 3.45 cents a a share (or $191,666) into trust for the first month of the extension period.
Arogo said 5,289,280 shares were redeemed ahead of the extension vote at $10.45 per share, leaving 5,552,745 shares outstanding. The SPAc raised $90 million in an October 2021 ipo.
Announced nearly a year ago, the deal with EON was expected to provide approximately $101 million in cash, although that assumed no redemptions. Read more.