In a recent development, Quetta Acquisition Corp (NASDAQ:QETA), a special purpose acquisition company, has amended its trust agreement and certificate of incorporation to extend the deadline for completing a business combination.
The decision was made following a special meeting of stockholders on January 10, 2025, where the shareholders approved the extension of the merger deadline until October 10, 2026.
The company is now authorized to extend the deadline on a month-to-month basis with a total of up to twenty-one extensions. For each one-month extension, Quetta Acquisition Corp will deposit $60,000 into its trust account. If the company fails to make a timely payment during the twenty-one-month period, it will have a forty-five-day grace period to remedy any past due payment. Failure to comply within the grace period would result in the company ceasing operations and proceeding with liquidation.
The shareholders also approved the inclusion of entities with principal business operations in China, Hong Kong, and Macau in the company’s acquisition criteria. This expansion of the acquisition criteria indicates the company's interest in targeting businesses in these regions for its business combination.
The stockholders' meeting also resulted in the redemption of 5,199,297 shares, which will reduce the funds in the company's trust account by approximately $55.15 million. Following these redemptions, the trust account will retain approximately $18.04 million with 3,747,748 ordinary shares remaining outstanding.
This extension provides Quetta Acquisition Corp additional time to identify and complete a business combination, reflecting the company's commitment to finding a suitable merger partner. The information provided is based on a press release statement and the SEC filing by Quetta Acquisition Corp.
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