Cetus Capital Acquisition in an 8-K said $50,000 was deposited into trust so the SPAC could extend its termination date to July 3. The SPAC has one more month it can deploy for an extension under its current plan.
The SPAC in June of last year announced a merger agreement with MKD Technology for $230 million.
Based in Austin, TX, MKD Technologies provides software engineering solutions through products and professional services.
The deal could have been terminated by either party if it did not close by Nov. 1, 2023, although the merger agreement is still in play.
Cetus raised $50 million in a February 2023 IPO, but nearly half of shares outstanding were redeemed in connection with the February extension vote, which gave the SPaC six more monthos of operation.
Source: Cetus Capital Tacks on Another Month of Operations for K