Goldenbridge Acquisition Limited announced today that its merger partner SunCar deposited $174,561.30 (10 cents a share) into the SPAC's trust to extend the deal deadline until June 4.
The SPAC issued a promissory note to SunCar, which may convert any of the principal into the SPAC's units at $10 each.
Goldenbridge in August received a $575,000 loan from SunCar to push back the deadline until December. At the time, SunCar indicated it was willing to loan up to $1,725,000 more if the deadline must be extended until September of this year.
SunCar, a provider of digitalized auto services and auto insurance through Shanghai-based SunCar Online Insurance Agency, entered into a definitive merger agreement with Goldenbridge last May. The deal values the combined company at an estimated enterprise value on a pro-forma basis of approximately $858 million, assuming zero redemptions. Read more.
Source: Goldenbridge Acquisition's Merger Partner SunCar Pumps 5K into SPAC's Trust to Extend Deadline