Cartica Adds Another Non-Redemption Agreement

Cartica Acquisition in an 8-K said it entered into non-redemption agreements with unaffiliated instutional who've agreed to hold 3.15 million shares through the SPAC's upcoming extension vote.

Cartica signed a separate non-redemption agreement less than a week ago covering 700,000 shares.

The SPAC wants to move its deal deadline from July 7 to April 7, 2024. Shareholders vote Friday on the proposal.

In the latest non-redemption deal, the holders would receive 787,500 Class A shares after Cartica closes a business combination.

To date, the SPAC has signed non-redemption agreements covering 3.85 million shares, and has agreed to issue 962,500 new shares to the participants.

Cartica said the pro rata portion of funds available in trust for any redemptions will be approximately $10.67 per share. 

Cartica raised $200 million in a January 2022 with plans to focus on a business combination with an India-based technology firm. Read more.

Source: Cartica Adds Another Non-Redemption Agreement