Catcha Investment Corp, a special purpose acquisition company, has announced an amendment to its Business Combination Agreement with Crown LNG Holding AS, extending the deadline for completing their planned merger. The new cutoff date is now July 12, 2024, pushed from the original deadline of June 28, 2024.
The extension was agreed upon by both parties to allow more time for satisfying closing conditions, which include the approval for listing the post-business combination public company common stock on a national securities exchange such as NASDAQ or NYSE American. According to the amendment, Crown LNG has the right to terminate the agreement if the necessary listing approval is not obtained by the new deadline.
Catcha Investment Corp, incorporated in the Cayman Islands and listed on NYSE American under the ticker CHAA, is in the process of merging with Crown LNG, a Norway-based private company specializing in liquefied natural gas infrastructure. This strategic move is aimed at taking Crown public through a reverse merger with Catcha, which operates as a blank check company primarily for such transactions.
The amendment to the agreement, detailed in the SEC filing on July 2, 2024, signifies both companies' commitment to advance the merger, which was first announced on August 3, 2023, and has since been amended multiple times. The latest amendment signifies another step forward in the ongoing process to finalize the merger, which is subject to customary closing conditions and regulatory approvals.
In other recent news, Catcha Investment Corp has announced an extension to its Business Combination Agreement deadline with Crown LNG Holding AS. The amendment, signed recently, extends the termination date from earlier this month to June 28, 2024. This development provides extra time for both parties to meet closing conditions, including securing approval for listing the post-business combination company's common stock on a national securities exchange. If by the new deadline, there is no notice of approval from NASDAQ, NYSE American, or another acceptable exchange, Crown may terminate the agreement.
This latest development follows a series of amendments to the original agreement, reflecting ongoing negotiations and adjustments to the terms. Investors and stakeholders are encouraged to review the full amendment filed with the SEC for understanding the terms and conditions. Catcha Investment Corp's management remains committed to advancing the business combination within the newly established timeframe. These are the recent developments within the company.
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