PHP Ventures Acquisition said it will use the first of six monthly extensions that shareholders approved in late December as the SPAC works to finalize its deal with Modulex Modular Buildings.
The SPAC is arranging for the deposit of 6.25 cents a share for each monthly extension that may be required.
About 71% of the SPAC's shares were redeemed in December ahead of the extension vote, PHP disclosed in an 8-K filed today. That leaves approximately $17.5 million in the trust account and 1,682,760 shares outstanding. Read more.