The Growth for Good Acquisition Corporation (NASDAQ: GFGD) disclosed in a press release today that it has once again adjourned its special meeting, marking the fifth postponement for shareholders to cast their votes on the SPAC’s combination with EV-maker ZeroNox.
Originally planned for August 23, the meeting has now been rescheduled to September 8, at 11:00 a.m., ET.
The Growth for Good did not provide an explanation for the adjournment of today’s meeting. However, during the initial postponement announced on August 18, it mentioned that it was in the process of finalizing specific agreements related to the subscription of shares in a PIPE financing agreement.
It was able to use those extra few days to secure a $5 million PIPE for its combination from investors including trailer and tractor-makers Premier and Kubota as well as Formula-E racing team NIO 333.
The SPAC has an upcoming completion deadline of September 14, giving it about a week to secure shareholder approval for its combination. Aside from the net tangible asset requirement, the deal does not feature a minimum cash closing condition.
The Growth for Good entered into the $306 million agreement with ZeroNox earlier this year in March. Porterville, California-based ZeroNox manufactures electric drivetrains for a wide range of off-highway vehicles like golf carts, forklifts and all-terrain vehicles.
The combined company is expected to trade on the Nasdaq under the symbol “ZNOX” once the deal is completed.
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