Onyx Acquisition Co. I (NASDAQ:ONYX) announced this afternoon that it has postponed its special meeting to extend its transaction deadline.
The meeting, which was originally scheduled for 9:30 a.m. ET on January 12, will now take place at 9:30 a.m. ET on January 23 to allow Onyx additional time to engage with shareholders. Additionally, the SPAC has extended the redemption deadline from January 10 to January 24.
Onyx is hoping to extend the date by which it must complete an initial business combination from February 5 to August 7. If the extension is approved and implemented, then its sponsor, Onyx Acquisition Sponsor Co. LLC, will deposit $400,000, or approximately $0.02 per public share, into the trust on January 26.
The contribution will be evidenced by a non-interest bearing, unsecured promissory note and will be repayable by Onyx upon completion of a business combination. But, if the company is unable to complete a merger by the extended date, then the promissory note will be repaid only from funds outside of the trust account or will be forfeited.
Additionally, holders of Onyx’s outstanding Class B ordinary shares expect to convert all of the founder shares into Class A ordinary shares prior to any redemption in connection with the extension.
Onyx announced the pricing of its upsized $230 million IPO in November 2021 but has not yet announced a business combination. It expects to combine with a target in the general industrials and construction technology sectors. Onyx is led by Director, Chairman and CEO Michael Stern, President Benjamin Lerner and CFO Matthew Vodola.
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