Bite Acquisition in an SEC filing today said shareholders voted in favor of extending its merger deadline from Feb. 17 to up to Aug. 17, 2023 in monthly increments.
The SPAC in return will deposit up to $150,000 in trust for each month required under the extension. The SPAC also won support for an amendment to the termination charter that would give greater flexibility in when it could liquidate, if necessary.
Redemptions of approximately $171.03 million, left $30.28 million in the trust account. As a result, the SPAC said it would file another 8-K to report its decision on whether or not to implement the extension charter amendment proposal, or the termination charter amendment proposal.
Bite raised $175 million in a February 2021 IPO with plans to focus on the traditional and non-traditional restaurant sectors in North America. Read more.
Source: Bite Acquisition Shareholders Approve 6-Month Extension Amid 85% Redemptions