PHP Ventures (PPHP) Postpones Extension Vote
by Marlena Haddad on 2022-12-28 at 10:15am

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.


Recent Posts
by Kristi Marvin on 2023-09-29 at 5:48pm

Athena Consumer Acquisition Corp. (NYSE:ACAQ) announced this afternoon that its stockholders approved its combination with German EV-maker e.GO at a special meeting held earlier today. Additionally, Athena Consumer’s warrant proposal to convert all outstanding warrants to 0.175 shares in the combined company was also approved. A total of 884,880 shares of Athena Class A Common...

by Nicholas Alan Clayton on 2023-09-29 at 4:28pm

October is set to be a quiet month for lock-up expirations with only four de-SPACs and four sponsors now open to trade their shares for the first time. The first customer is Bitdeer Technologies. Its shareholders and the Blue Safari sponsor both stand to gain the most out of this group from moving some of...

by Nicholas Alan Clayton on 2023-09-29 at 3:51pm

Graf Acquisition Corp. IV (NYSE:GFOR) announced in an 8-K this afternoon that its shareholders approved its combination with NKGen Biotech at a special meeting September 25. A total of 3,386,528 shares were redeemed in connection with the vote, leaving Graf IV with about $27.6 million in the tank and a final redemption rate of 84.3%....

by Nicholas Alan Clayton on 2023-09-29 at 3:50pm

Anzu Special Acquisition Corp I (NASDAQ:ANZU) has closed its combination with Envoy Medical and its shares and warrants are to begin trading on the Nasdaq under the symbols “COCH” and “COCHW” on October 2. The SPAC secured shareholder approval on September 27 and still has not divulged redemption figures. But, it went into the vote...

by Nicholas Alan Clayton on 2023-09-29 at 1:54pm

Mercato Partners (NASDAQ:MPRA) closed its combination with Brazilian software firm Nuvini this afternoon and its shares and warrants are expected to begin trading on the Nasdaq under the symbols “NVNI” and “NVNIW” on October 2. The combined company will continue to be led by its existing CEO and a seven-member Board including Mercato CEO Dr....


Copyright © 2023 SPACInsider, Inc. All Rights Reserved