Plutonian Acquisition announced today that merger partner Big Tree Cloud International Group has deposited $210,000 into the SPAC's trust account. The amount covers required deposits to extend the SPAC's completion deadline from today to Feb. 15, 2024.
Plutonian issued a promissory note to Big Tree Cloud. The convertible note can be used to acquire the SPAC's stock at $10 per unit at the closing of the business combination.
The $500 million deal was announced last month.
Plutonian raised $57.5 million in an ipo a year ago.
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.
Source: Plutonian Acquisition's Merger Partner Loans SPAC 0K to Cover Extension Period