Frontier Investment Corp. (NASDAQ: FICV) announced this afternoon that it has once again decided to adjourn its special meeting.
Initially planned for June 16, the extension meeting was adjourned by Frontier Investment’s chairman until June 22, but is now being further delayed until June 29 at 9:00 a.m. ET.
As a result of the postponement, the redemption deadline will also be extended until June 27.
Frontier Investment Corp. has a deadline of July 6, 2023, to finalize a business combination. However, the company is seeking shareholder approval at its upcoming meeting to extend this timeline by one year, allowing it until July 6, 2024, to complete a transaction.
Shareholders will also vote on proposals to remove the net tangible asset requirement and to provide the right of a holder of the company’s Class B ordinary shares to convert into Class A ordinary shares on a one-for-one basis at any time. If the net tangible asset requirement proposal is not approved, then the SPAC will not proceed with the extension.
Frontier priced its $200 million IPO in July 2021. Although it has yet to find a suitable target to combine with, the company intends to identify a business operating in the technology, digital media, e-commerce, financial technology, or digital services sectors. It specifically aims to target high-growth markets in the Middle East, North Africa & Turkey, Sub-Saharan Africa, South Asia, and Southeast Asia for potential opportunities.
The company is led by CEO and Chairman Asar Mashkoor, and CFO Arif Mansuri.
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