Energem in a proxy filing called a Feb. 16 meeting for shareholders to vote on a proposed completion extension that would give the SPAC until Aug. 18 to complete its deal with Graphjet. The current deadline is Feb. 18.
Graphjet Technology is a Malaysian company that produces green, low-cost graphene, graphite and graphene-based materials.
If the extension is approved, Energem's sponsor would deposit 4.5 cents a share or about $54,762 for 1,216,932 Class A ordinary shares, ahead of each month required until the new deadline. The deposits are to be backed by non-interest bearing, unsecured promissory note payable upon completion of the SPAC's a business combination.
The deal was announced in August 2022. At announcement, Graphjet investors were to receive $117 million of cash in Energem's trust, as well as rollover equity.
Hovwever, the SPAC held just shy of $14 million in trust as of Dec. 31, according to the proxy filed today. Read more.
Source: Energem Wants 6 More Months to Complete Graphjet Deal