RMG Acquisition Corp. III (OTCMKTS:RMGWF), an electrical industrial apparatus company, has announced extending the deadline for completing its initial business combination. The extraordinary general meeting held on Monday resulted in shareholders approving the extension from August 9, 2024, to November 9, 2024, with the possibility of further monthly extensions at the board's discretion, up to a total of twelve additional months.
The Miami Beach-based company, previously listed on the Nasdaq Capital Market, faced delisting earlier this year due to non-compliance with Nasdaq's listing rules. The delisting took effect on April 22, 2024, following a notification from Nasdaq's Listing Qualifications Department on April 19, 2024.
At the extraordinary general meeting, approximately 95.79% of the voting power was present, representing most of the company's issued and outstanding ordinary shares. The proposal to amend and restate the company's charter to facilitate this extension was passed with 12,097,174 votes for, 1,304 against, and no abstentions.
As a result of this approval, the company filed the Fifth Amended and Restated Memorandum and Articles of Association in the Cayman Islands on October 15, 2024.
The company's shareholders also had the option to redeem their Class A Ordinary Shares, with 18 shareholders choosing to redeem a total of 473,063 shares, which is about 11.67% of the issued and outstanding Class A Ordinary Shares as of the record date.
This move allows RMG Acquisition Corp. III additional time to complete a business combination, which is a common practice for special purpose acquisition companies (SPACs) like RMG Acquisition Corp. III. The decision to seek an extension reflects the company's ongoing efforts to identify a suitable business combination partner.
The information provided here is based on a press release statement and the recent SEC filing by RMG Acquisition Corp. III.
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