Capitalworks Emerging Markets Acquisition Corp. (Nasdaq: CMCA) announced this afternoon that it is postponing its special meeting from February 24 to March 1 and has signed a non-binding letter of intent (LOI).
At the meeting, shareholders will be asked to vote on proposals to extend the SPAC’s completion deadline from March 3 to December 3 and to allow the company’s board to elect to wind up its operations on a date earlier than December 3. As a result of the postponement, Capitalworks Emerging Markets has also extended the redemption deadline to February 27. The SPAC hopes to use this additional time to continue soliciting proxies from shareholders.
Additionally, CMCA disclosed that its sponsor may enter into non-redemption agreements with a limited number of shareholders to not redeem the Class A ordinary shares issued in its IPO.
Although the company has not announced a definitive agreement just yet, it has signed a non-binding LOI with an Asian reinsurance firm. Capitalworks believes that it will not have a definitive agreement signed by its deadline of March 3, which would grant the SPAC an automatic three-month extension, and would first need to complete due diligence on the reinsurance company.
But, if the company is able to sign a deal by March 3, it will cancel the extension meeting and hold another shareholder meeting before June 3 in order to seek shareholder approval of the business combination or a new extension.
Since this announcement is just at the LOI stage, the SPAC will remain in SPACInsider’s “Searching” category until a definitive agreement is signed.
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