HCM Acquisition in an 8-K filing said it has postponed today's shareholder meeting indefinitely while management solicits shareholders to reverse their redemption decisions. The SPAC is not under time pressure as the current deadline for a merger is April 2023. HCM wants to push the date back to October of next year.
HCM in its proxy filing on the extension said it would abandon the proposal if redemptions pull the trust below 25% of its initial balance.
The SPAC raised nearly $288 million in a January IPO to target fintechs. Read more.
Source: HCM Acquisition Postpones Today's Vote on Transaction Deadline Extension