Financials Acquisition, a SPAC trading on the london exchange, plans a July 10 shareholder meeting to vote on a merger deadline extension. A target has been identified, although the SPAC said it needs until December to complete the deal.
The proposed business combination would involve raising additional capital and becoming a listed operating company, deploying funds into the Lloyds of London insurance market for reinvestment purposes, Reuters reports.
The SPAC also seeks to raise “substantial” funds beyond existing amounts held in trust to support the transaction.
Financials Acquisition raised £150 million from an April 2022 ipo. Read more.
Source: London-Based Financials Acquisition Seeks New Deadline for Insurance Deal