Mexican digital and banking services platform Covalto has pushed back its much-anticipated plans to list on the Nasdaq exchange through a SPAC to 2024, according to an SEC filing, reuters reports.
The company had initially sought to go public in the first quarter, seeking to be the first Mexican fintech to trade publicly on a U.S. exchange.
The filing shows that Covalto and LIV Capital Acquisition II have agreed to extend the deadline for the merger from May 10 to Feb. 10, 2024.
A source close to Covalto told Reuters that the merger is still in the works, with the delay simply down to lengthy regulatory processes with the SEC.
Announced last August at a pro-forma valuation of $547 million, the deal is expected to generate up to $177 million of capital before expenses, assuming no redemptions from LIVB shareholders. Read more.
Source: Mexico's Covalto Quietly Delays Nasdaq Listing via SPAC to 2024