PHP Ventures Acquisition announced that its shareholder meeting originally scheduled for today has been pushed back to Friday. The SPAC in a press release said it needs extra time to solicit shareholders and encourage redemption reversals.
The purpose of the meeting is to vote on a proposal to extend the SPAC’s merger deadline until August 2023.
PHP Ventures said thus far has received redemption notices for 4,464,250 shares, or about 77% of shares outstanding.
The SPAC three weeks ago announced a deal with Modulex Modular Buildings, a UK-based, globally focused “ConstrucTech” manufacturer of modular buildings, at a $600 million valuation. At deal announcement, the SPAC said it was working to secure an additional $30 million in financing to support its cash in trust. Read more.