VMG Consumer Acquisition called a May 5 meeting for shareholders to vote on an extension proposal that would give the SPAC until Nov. 15 to seal a deal. If approved, VMG's sponsor has agreed to pump up to $300,000 per month (3 cents a share) intro trust for each month required.
The SPAC is sponsored by VMG Partners, a private equity firm that makes bets on consumer and retail brands.
The SPAC's IPO raised $200 million in November 2021. VMG is targeting high-growth consumer and retail companies. Read more.
Source: VMG Consumer Acquisition Calls Meeting to Push Termination Date Back by 6 Months