Capitalworks Emerging Markets Acquisition said it postponed today's shareholder meeting, which will instead convene March 1. The SPAC wants shareholders to approve a deadline extension from March 3 to Dec. 3, with the option to wind up before the latter date.
Capitalworks has a non-binding letter of intent with an Asian reinsurance company. The SPAC said if it signs a definitive agreement for a business combination by March 3, the upcoming shareholders meeting will be cancelled and another would be scheduled prior to June 3, in order to seek shareholder approval of a deal or a new extension period.
The SPAC raised $230 million in a December 2021 IPO. Read more.