PHP Ventures Acquisition Corp (NASDAQ:PPHP) announced this morning that it is postponing its special meeting, originally scheduled for today, to December 30.
The SPAC intends to gain shareholder approval to extend its business combination timeline from February 16, 2023 to August 16, 2023. As of December 27, PHP received redemption notices for 4,464,250 shares of its Class A Common Stock from its stockholders and hopes to use this additional time to solicit investors to reverse their redemptions.
In order to support this extension, PHP Ventures, and its sponsor, Global Link Investment LLC have agreed that, if the proposal is approved, the sponsor will deposit into the trust $0.0625 per share that is not redeemed for each one-month extension until August 16, 2023, unless the closing occurs prior to such date in exchange for a non-interest bearing, unsecured promissory note payable upon consummation of a business combination.
Earlier this month, PHP Ventures inked a $600 million deal with ConstrucTech company Modulex Modular Buildings and expects to complete the transaction in the second quarter of 2023. UK-based Modulex manufactures 3D volumetric steel modular buildings and harnesses emerging technologies to meet housing and infrastructure needs.
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