Plutonian Acquisition announced today that Big Tree Cloud International Group deposited $210,000 into the SPAC's trust to extend the deal deadline from Feb. 15 to May 15. Plutonian issued a promissory note to Big Tree Cloud with a principal amount equal to the deposit. The promissory note bears no interest and is convertible into the company's stock at $10 per unit.
Big Tree Cloud had deposited the same amount last November for a three-month extension.
The $500 million deal was announced in October.
Plutonian raised $57.5 million in a November 2022 ipo.
Founded in 2020, the target is engaged in the development, production and sales of personal care products and other consumer goods in china. Big Tree Cloud's product portfolio emphasizes feminine hygiene products. Read more.