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Cybernet Data Systems Inc.

Kairous Acquisition Corp. Limited Extends Business Combination Period

Strategic Insights

— 1 min read

Kairous Acquisition Corp. Limited, a special purpose acquisition company listed on the NASDAQ, has announced an extension of its business combination period. The extension is made possible by a deposit of $50,000 into the Company's trust account by its initial public offering sponsor, Kairous Asia Limited. This additional contribution extends the period to consummate a business combination from July 16, 2024 to August 16, 2024.

As part of the arrangement, Kairous Acquisition Corp. Limited issued an unsecured promissory note to Kairous Asia Limited with a principal amount of $50,000. The note does not bear interest and will be converted into the Company's ordinary shares at a price of $10.10 per share at the closing of a business combination. The extension of the business combination period allows the Company more time to complete a business combination, which is expected to provide a successful outcome for its shareholders.

Key Takeaways:

  • Kairous Acquisition Corp. Limited extended its business combination period by depositing $50,000 into the trust account.
  • The company issued a promissory note to its sponsor, Kairous Asia Limited, with a principal amount of $50,000.
  • The note does not bear interest and will be converted into the Company's ordinary shares at a price of $10.10 per share at the closing of a business combination.
  • The extension provides the Company with an additional month to complete a business combination.
  • The Company is a special purpose acquisition company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
  • The extension is made possible by the deposit of $50,000 by the sponsor, which will be converted into the Company's ordinary shares at the closing of a business combination.

Statistics:

  • The principal amount of the promissory note is $50,000.
  • The conversion price of the note is $10.10 per share.
  • The extension period is from July 16, 2024 to August 16, 2024.
  • The business combination period was extended by one (1) month.

Sources:

  • (EDGAR Online via COMTEX)
  • (GLOBE NEWSWIRE)
  • (Comtex_455259185/2254/2024-07-17T16:50:00)

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