Fusion Acquisition Corp. II (NYSE: FSNB) announced in a press release today that it intends to adjourn its special meeting, scheduled for August 30, and will reconvene at 11:00 a.m., ET, on September 1.
Stockholders will be voting on a proposal to extend Fusion II’s completion deadline by six months, moving it from September 2, 2023, to March 2, 2024.
Additionally, FSNB stockholders will be asked to vote on a proposal that would eliminate the limitation that the SPAC will not complete a business combination if doing so would cause it to have net tangible assets of less than $5,000,001.
Fusion II raised $500 million through its IPO in February 2021, but has not found a suitable target to combine with just yet. During its last extension vote, the SPAC saw 91% of its trust redeemed, leaving it with approximately $45.5 million post-vote. The company originally stated it aimed to combine with a fintech target valued at $1.5 billion to $5 billion generating strong cash flow.
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