Fat Projects Acquisition Pours a Little More Sugar on Extension Offer

Fat Projects Acquisition in an 8-K said it weill now deposit 6.25 cents a share into its trust account per month if shareholders approve an extension up to July 15. The original proposal called for sweetnening the trust by 6 cents a share per month.

The SPAC has a merger agreement with Avanseus, which specializes in building enterprise solutions driven by analytics, artificial intelligence, machine learning, and cognitive computing. 

Both companies are based in in . Their business combination agreement would give Avanseus a pro forma enterprise value of approximately $135.7 million. If approved, upon closing the combined company is expected to continue trading on the .

Back in September, Fat Projects said it would try to raise up to $35 million in a to support the deal. The SPAC may also issue up to 1 million shares in private placements for a support pool.

Fat Projects raised $100 million in an October 2021 IPO. Read more.


Source: Fat Projects Acquisition Pours a Little More Sugar on Extension Offer