Rose Hill Acquisition and Prize, an exporter of superfruits based in Chile, moved the deadline for their proposed merger to Oct. 18, according to an 8-K filing.
Rose Hill added that it, Prize and certain investors are working on the key economic terms of subscription agreements for a pipe of at least $50 million to support the merger.
Either the SPAC or the target can terminate the deal if the PIPE transaction has not been completed by the new date.
At deal announcement last October, the merger was expected to result in $65 million in total cash proceeds to Prize. Read more.