Kairous Acquisition Borrows $120K From Sponsor to Cover 1-Month Extension

Kairous Acquisition in an 8-K said it isued a promissory note to its sponsor for a deposit into trust of $120,000 to extend the SPAC's deadline from June 16 to July 16.

The SPAC's extensions began in December when it announced a deal with Malaysia-based Wellous Group Limited, an -based international nutrition company that develops, manufactures, markets and sells health and wellness products. Cash proceeds raised will consist of Kairous's approximately $21 million in trust (assuming no redemptions).

Kairous raised $75 million in a December 2021 although redemptions since then have whittled away at the trust. Read more.

Source: Kairous Acquisition Borrows 0K From Sponsor to Cover 1-Month Extension