AGBA Acquisition Limited Announces Additional Contribution to Trust Account to Extend Period to Consummate Business Combination
Mergers & Acquisitions Daily News
2020 NOV 20 (NewsRx) — By a News Reporter-Staff News Editor at Mergers & Acquisitions Daily News — AGBA Acquisition Limited (NASDAQ: AGBA, the “Company”), a special purpose acquisition company, announced that AGBA Holding Limited, the Company’s initial public offering sponsor (“Sponsor”), has deposited into the Company’s trust account (the “Trust Account”) an aggregate of $460,000 (representing approximately $0.10 per share of common stock), in order to extend the period of time the Company has to complete a business combination for an additional three (3) months period, from November 16, 2020 to February 16, 2021. The Company issued a promissory note to Sponsor with a principal amount equal to the amount deposited. The promissory note bears no interest and is convertible into the Company’s units (with each unit consisting of one ordinary share, one warrant to purchase one-half of one ordinary share, and one right to receive one-tenth of one ordinary share upon the consummation of the Company’s initial business combination) at a price of $10.00 per unit at the closing of a business combination by the Company. The purpose of the extension is to provide time for the Company to complete a business combination. Keywords for this news article include: AGBA Acquisition Limited, Business, Mergers and Acquisitions.
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