Cactus Acquisition 1 in an 8-K said it had entered into a non-redemption agreement with several third-party investors who committed to holding 2 million shares ahead of an April 20 extension vote.
In return, the participating investors would receive 100,000 sponsor shares. If redemptions exceed 2 million shares, the agreement further allows the non-redeeming investors to receive additional sponsor shares — capped at 250,000.
The SPAC wants to push its May 2 merger deadline back to Nov. 2.
Cactus 1 raised $126.5 million in an upsized IPO in October 2021. The SPAC is focused on Israel-related technology-based healthcare companies. Read more.
Source: Cactus Acquisition 1 Adds Non-Redemption Agreement for 2M Shares