Athena Consumer Acquisition announced today that its board has decided to extend the SPAC's merger deadline for an additional month to April 22. The sponsor deposited $112,691.48 to secure the extension, which is the third of six potential one-month extensions available.
Athena has a pending deal with German ev maker e.Go. Last month the SPAC disclosed that its forward purchase agreement with Vellar Opportunity Fund SPV was terminated. Vellar was to purchase up to 15 million shares.
The merger, announced last July, was expected to provide gross proceeds of up to approximately $285 million to the e.Go, including up to $235 million from Athena's trust account — which at that time assumed no redemptions — and up to $50 million in intended debt financing. However, Athena lost 91% of its shares to redemptions ahead of a January extension vote.
The SPAC has secured $15 million in bridge financing and still holds about $21.4 million in trust.
The e.Go deal includes a $50 million minimum cash condition to close. Read more.
Source: Athena Consumer Acquisition Deploys Third Extension as it Continues Working on e.Go Deal