Onyx Acquisition I announced that its shareholder meeting to consider an extension proposal has been postponed from tomorrow until Jan. 26. The SPAC wants to push its merger deadline back to Aug. 7.
In a press release announcing the delay, Onyx it needed additional time to engage with shareholders.
The SPAC also announced that if the extension is approved at the meeting, the sponsor will deposit $400,000 (or 2 cents a share, assuming no redemptions) into trust the same day.
Additionally, holders of Class B ordinary shares expect to convert all of the founder shares into Class A ordinary shares prior to any redemption in connection with the extension proposal.
Two months ago Onyx I was reportedly in deal talks with Africa-focused private equity firm Helios Investment Partners, though no announcement came from it. The SPAc raised $230 million in a November 2021 IPO to focus on the general industrials and construction technology sectors. Read more.
Source: Onyx Acquisition I Pushes Extension Vote Back Two Weeks