ST Energy Transition I Ltd. (NYSE: STET) announced this afternoon that it has cancelled its meeting to vote on an extension proposal.
The SPAC initially announced the pricing of its $250 million IPO in December 2021 and had 18 months on its timeline to combine with a target. If the SPAC received shareholder approval of an extension at its meeting, it would have gained an extra six months on its clock with a new deadline of December 7. ST Energy, however, never scheduled a date for the meeting, and still faces a June 7 completion deadline.
Although the company has not yet found a target to combine with, it originally set out to focus its search on opportunities that contribute in positive ways toward energy transition and clean energy technology. But with a deadline quickly approaching, it is unclear if ST Energy intends to liquidate.
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