Maquia Capital Acquisition Corp (OTC:MAQCU), a prepackaged software services company, announced on Thursday that its stockholders have approved an amendment to extend the deadline to complete its initial business combination. The extension moves the date from August 7, 2024, to January 7, 2025, or an earlier date as determined by the board.
The decision came during a special meeting held on Wednesday, where a quorum was achieved with at least 5,334,178 shares represented in person or by proxy. The amendment was passed with 5,334,178 votes for, 23,541 against, and no abstentions or broker non-votes.
In conjunction with the approval of the extension, 861,653 shares of Class A common stock were redeemed for cash from the company’s trust account by public stockholders. This redemption right was in association with the approval of the Extension Amendment Proposal.
The company, based in Miami, Florida, and incorporated in Delaware, is listed on the OTC market and trades under the symbols MAQC for its Class A common stock and MAQCW for its redeemable warrants. Each unit consists of one share of Class A common stock and one-half of one redeemable warrant.
The amendment to the company's Amended and Restated Certificate of Incorporation, which details the extension, is referenced in Exhibit 3.1 of the 8-K filing. The filing, dated August 23, 2024, and based on events as of August 22, 2024, is in compliance with the Securities Exchange Act of 1934.
Maquia Capital Acquisition Corp, an emerging growth company, has not elected to use the extended transition period for complying with new or revised financial accounting standards. The company continues to operate within the prepackaged software sector under the SIC code 7372.
This report is based on a press release statement and provides an overview of the key facts regarding Maquia Capital Acquisition Corp's recent stockholder meeting and the approved extension for its initial business combination.
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