Northern Revival Acquisition Corp. (NASDAQ:NRAC) announced this afternoon that it adjourned today’s vote for a proposal to extend its completion deadline.
The SPAC stated that the meeting was adjourned due to technical difficulties with telephone connectivity and will be reconvened on August 31, at 2:00 p.m. ET.
As of now, Northern Revival faces a completion deadline of September 4, but is hoping to gain shareholder approval tomorrow to extend this by five months to February 4, 2024
Northern Revival inked its $190 million deal with Braiin earlier this year in March. Northern Revival has about $25 million in its current trust after experiencing 89.7% redemptions thus far, but it plans to supplement this with a $15 million PIPE and $20 million in new debt. The SPAC is also funding the deal with a forward purchase agreement by Meteora Capital Partners and affiliates to purchase up to 2,500,000 shares.
Subiaco, Australia-based Braiin provides a range of software and hardware services to farmers designed to improve crop yields in Australia and the Asia Pacific region.
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