Athena Consumer Acquisition announced that its board has decided to extend the SPAC's merger deadline from Jan. 22 to Feb 22.
Stockholders last month voted to give Athena the right to extend the deadline date in monthly increments up to July 22.
Athena has a pending deal with German EV maker e.Go.
The merger transaction is expected to provide gross proceeds of up to approximately $285 million to the German EV maker, including up to $235 million from Athena's trust account, assuming no redemptions and up to $50 million in intended debt financing.
Up to $150 million is expected to be available under a standby equity purchase agreement. The SPAC has a letter of intent with Yorkville Advisors Global for this standby equity. Read more.