KUALA LUMPUR – Bukit Jalil Global Acquisition 1 Ltd. (NASDAQ:BUJA), a special purpose acquisition company with a market capitalization of $55.19 million and current trading price of $11.19, has announced the extension of its deadline to complete an initial business combination by one month, now set for December 30, 2024. According to InvestingPro analysis, the stock's RSI indicates overbought territory, suggesting careful consideration for potential investors.
The extension was made possible by a $100,000 deposit into the company's trust account by its sponsor, Bukit Jalil Global Investment Ltd., on or about November 29, 2024. In conjunction with this deposit, Bukit Jalil Global Acquisition 1 Ltd. has issued an unsecured promissory note to the sponsor for the same amount.
This promissory note does not bear interest and is due on the earlier of the completion of the business combination or the expiration of the company's term. The sponsor holds the right to convert the note into private units of the company, each comprising one ordinary share, half of one warrant, and one-tenth of one right to receive one ordinary share upon the consummation of a business combination.
In other recent news, Bukit Jalil Global Acquisition 1 Ltd. has made several strategic moves to extend its merger deadline. The company has secured an additional month to finalize its initial business combination, setting the new deadline for November 30, 2024. This extension was facilitated by a $100,000 deposit into the company's trust account by Bukit Jalil Global Investment Ltd., the company's sponsor.
In conjunction with the extension, Bukit Jalil Global Acquisition 1 Ltd. issued an unsecured promissory note to the sponsor. This note, carrying no interest, provides the option to convert into private units of the company at the principal amount divided by $10.00 per unit. Each unit comprises one ordinary share, half of one redeemable warrant, and one right to acquire one-tenth of an ordinary share upon completion of the business combination.
These recent developments are part of Bukit Jalil Global Acquisition 1 Ltd.'s ongoing efforts to finalize a business combination within the extended timeframe. The company has also made amendments to its memorandum and articles of association, extending the deadline for completing a business combination to June 30, 2025. These actions reflect the company's strategic approach as disclosed in its filings with the Securities and Exchange Commission.
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