Evergreen Corporation (EVGR) Cancels Vote, Will Auto-Extend
by Nicholas Alan Clayton on 2023-05-11 at 10:34am

Evergreen (NASDAQ:EVGR) announced this morning that it was canceling a special meeting to be held 11 am ET today to extend its deadline and will instead use its ability to automatically extend this date by three months.

This moves the SPAC’s transaction deadline from today to August 11 and it will deposit $1.15 million into its trust in exchange. Shareholders that sought to redeem their shares will have them returned for now.

In the short term, this is actually a better deal for shareholders. Evergreen’s extension proposal on the ballot would have allowed it to extend its deadline by up to 12 months in one-month increments in exchange for contributions of the lesser of $160,000 or $0.055 per share per month.

Instead, this three-month extension move that was written into its initial prospectus, equates to contributions of $383,333 per month, or $0.10 per share. This is the last auto-extension that Evergreen has in its pocket, however, so it will likely have to go back to investors for more time in August.

Evergreen raised $116.7 million in its February 2022 IPO and has not yet announced a business combination with a target company. It initially sought to combine with a Southeast Asian company valued at $100 million to $500 million in AI, fintech or other sectors within the changing digital economy.

 

Evergreen Corporation (EVGR) Cancels Vote, Will Auto-Extend
Recent Posts
by Nicholas Alan Clayton on 2025-07-07 at 9:05am

Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...

by Nicholas Alan Clayton on 2025-07-07 at 8:50am

Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...

by Nicholas Alan Clayton on 2025-07-07 at 8:22am

At the SPAC of Dawn Futures sit slightly red as investors return from holidays of barbecues and fireworks to renewed concerns about where US President Donald Trump’s tariff policy might hamper trade. The latest shift produced a further one-month delay in most of the tariffs Trump has threatened to impose as his administration continues to...

by Kristi Marvin on 2025-07-05 at 10:02am

Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...

by Nicholas Alan Clayton on 2025-07-03 at 12:54pm

Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved