Clover Leaf Capital in an 8-K said shareholders approved a deadline extension to July 22. The prior deadline was yesterday. The SPAC has a merger agreement with Digital Ally subsidiary Kustom Entertainment, which was announced last June at an implied initial pro forma equity value of approximately $222.2 million.
Redemptions ahead of the extension vote removed nearly $2.4 million from trust. The SPAC as of December held about $18.1 million.
Clover Leaf's sponsor will deposit $60,000 into the trust for each month required under the new deadline.
Kustom Entertainment is focused on live events, concert production and ticketing.
Digital Ally will remain an independent public company following the merger. Read more.