Chenghe Acquisition I Co., a special purpose acquisition company, has announced the postponement of its extraordinary general meeting of shareholders originally set for Monday this week. The meeting is now rescheduled to Wednesday, October 23, 2024, and will be held via live webcast.
The company, which is incorporated in the Cayman Islands and listed on The Nasdaq Stock Market LLC under the tickers LATGU for its units and LATG for its Class A ordinary shares, has extended the deadline for shareholders to submit their Class A ordinary shares for redemption in connection with the Extension Amendment Proposal.
The new deadline is now set for 5:00 p.m. Eastern Time on October 21, 2024, two business days before the adjourned meeting. Shareholders who have already voted do not need to recast their votes unless they wish to change their decision. Additionally, those who want to withdraw their redemption requests can do so before the rescheduled meeting.
The company established the record date for voting as the close of business on September 20, 2024, and has emphasized that shareholders who have since sold their shares are still eligible to vote if they were shareholders on the record date.
Chenghe Acquisition I Co. was founded with the intention of facilitating mergers, share exchanges, asset acquisitions, share purchases, reorganizations, or similar business combinations with one or more businesses. Further details about the company and its business can be found on its website.
The proxy statement detailing the proposals to be voted on at the meeting was filed with the Securities and Exchange Commission (SEC) on September 30, 2024, and has been distributed to shareholders. The company's SEC filings, including annual reports and the proxy statement, are available on the SEC's website.
This announcement is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any offer of securities will comply with the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
In other recent news, Chenghe Acquisition I Co. has reported significant developments in its financial and leadership sectors. The company has issued a non-convertible unsecured promissory note for up to $500,000 to its sponsor, Chenghe Investment I Limited. The note, which is non-interest bearing, is due upon the completion of a significant business combination.
Simultaneously, the company has announced substantial changes in its executive leadership. Zhiyang Zhou has stepped down as CEO and CFO, transitioning to the role of President. The board of directors has appointed Yixuan Yuan as the new CEO and Zhaohai Wang as the new CFO. Both bring a wealth of experience from various sectors, with Yuan's expertise lying in capital markets and Wang's in finance and investment.
These are among the recent developments in Chenghe Acquisition I Co., as the company continues to evolve in its operations. It's important to note that these changes have been announced in a filing with the Securities and Exchange Commission, ensuring transparency for investors.
InvestingPro Insights
As Chenghe Acquisition I Co. (LATGU) prepares for its rescheduled extraordinary general meeting, investors might benefit from additional financial context. According to InvestingPro data, the company's market capitalization stands at $83.57 million USD, reflecting its current size as a special purpose acquisition company.
Two relevant InvestingPro Tips highlight that LATGU's stock generally trades with low price volatility and that it's currently trading near its 52-week high. These factors could be of interest to shareholders considering their voting options or potential redemption requests ahead of the upcoming meeting.
It's worth noting that LATGU is not profitable over the last twelve months, with an adjusted operating income of -$2.51 million USD. This aligns with the nature of SPACs, which typically don't generate operational income before completing a business combination.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for LATGU, providing a deeper understanding of the company's financial position and market performance.
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