magnum opus acquisition in an 8-K filing said shareholders approved a deadline extension that would give the SPAC until at least July 25 to complete its pending merger with asia Innovations Group, which operates a platform designed for mobile devices across social, mobile gaming, e-commerce, and payments.
Redemptions totaling approximately $137 million left about $67.5 million in the Magnum Opus trust ahead of the extension vote, according to the filing.
At deal announcement in September, the transaction had an equity valuation of $2.5 billion for the combined company. Terms include the SPAC's cash in trust plus up to $150 million from a post-announcement capital raise. Read more.
Source: Magnum Opus Wins Extension, Loses Nearly 2/3rds of Trust Value on Redemptions