SDCL EDGE Acquisition Corporation (NYSE:SEDA), a special purpose acquisition company, announced today that its shareholders have approved an amendment to the company's charter to extend the deadline to complete an initial business combination. The decision was made during an extraordinary general meeting held on Thursday.
The New York-based company, which operates within the blank check sector under the SIC code 6770, now has until August 2, 2024, to consummate a merger or similar business combination. The extension also grants the board of directors the authority to further postpone the deadline up to three additional months, potentially until November 2, 2024.
This extension comes as SDCL EDGE Acquisition Corp faced a looming deadline of July 2, 2024, under its previous charter provisions. Shareholders voted decisively in favor of the proposal, with 14,995,290 votes for and 1,299,137 against. The company did not need to address a proposal to adjourn the meeting for further voting, as the extension proposal received sufficient support.
Concurrent with the extension, the company disclosed that approximately 60.7% of the Class A ordinary shares were submitted for redemption, totaling $89,302,173.64 from the trust account. This reflects a redemption price of approximately $11.17 per share.
The amendment to the company's Amended and Restated Memorandum and Articles of Association was filed with the Cayman Islands Registrar of Companies on June 27, 2024, to formalize the changes.
SDCL EDGE Acquisition Corp's units, Class A ordinary shares, and redeemable warrants are listed on the New York Stock Exchange under the symbols SEDA.U, SEDA, and SEDA.WS, respectively.
This report is based on a press release statement and provides an overview of the factual events surrounding SDCL EDGE Acquisition Corporation's shareholder meeting and the outcomes regarding the company's charter amendment and extension for completing an initial business combination.
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