Fat Projects Acquisition postponed today’s shareholders meeting to consider an extension proposal, pushing a vote back until tomorrow at 1 p.m. Eastern.
The SPAC wants its current Jan. 15 merger deadline pushed back to July 15, and last week said it would deposit 6.25 cents a share into its trust account per month if the extension is approved. The original proposal called for sweetnening the trust by 6 cents a share per month.
However, today Fat Projects said that non-redemption offer for a favorable extension vote has been cut to 5.75 cents a share.
The SPAC has a $135.7 million deal pending with Avanseus, which specializes in building enterprise solutions driven by analytics, artificial intelligence, machine learning, and cognitive computing.
Both companies are based in in Singapore.
Back in September, Fat Projects said it would try to raise up to $35 million in a PIPE 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 Delays Extension Vote, Trims Non-Redemption Offer