RMG Acquisition III said today's shareholder meeting to consider an extension proposal has been postponed until tomorrow at 10 a.m. Eastern.
No reason was given.
The SPAC last week announced a letter of intent for a merger agreement with H2B2 Electrolysis Technologies, a developer and operator of green hydrogen production systems for clean energy generation. That announcement came less than a week before the vote on extending the SPAC's merger deadline from Feb. 9 to Aug. 9.
Under the terms of the LOI, H2B2's shareholders would continue holding substantially all of their equity in the combined public company. RMG III and H2B2 expect to execute a definitive agreement before the end of the first quarter 2023, according to a press release.
Since its founding in 2016, H2B2 said it has become a key player in the green hydrogen energy sector. The company is expanding rapidly in Europe, the United States, Latin America, Asia and the Middle East and has secured a role in strategic projects.
RMG III raised $420 million in a February 2021 IPO. Read more.
Source: RMG Acquisition III Adjourns Meeting on Extension Vote Until Tomorrow