1. Home
  2. business
  3. Plutonian Acquisition Corp. extends deadline for business combination

Plutonian Acquisition Corp. extends deadline for business combination

Web DeskMay 15, 2024 11:10 PMbusiness
  • Extension funded by $210,000 deposit from Big Tree Cloud
  • Promissory note issued for conversion into common stock at $10.00 per unit
  • Criteria for target businesses exclude unauditable financial statements and VIE structures
Plutonian Acquisition Corp. extends deadline for business combinationImage Credits: DealFlow's SPAC News - The SPAC Conference
Plutonian Acquisition Corp. extends its business combination deadline with Big Tree Cloud, focusing on specific industries and regions while setting criteria for target businesses. The company's strategic move reflects its commitment to finding the right merger partner.

Plutonian Acquisition Corp., a special purpose acquisition company trading on NASDAQ as PLTN, has announced an extension of the deadline for its business combination with Big Tree Cloud International Group Limited. The extension, funded by a $210,000 deposit from Big Tree Cloud, pushes the deadline from May 15, 2024, to August 15, 2024.

To support this extension, the Company issued a promissory note to Big Tree Cloud, which can be converted into Plutonian Acquisition Corp.'s common stock at $10.00 per unit upon the completion of the business combination. This move allows the company more time to identify and finalize a suitable business merger.

Plutonian Acquisition Corp., a Delaware corporation, was established as a blank check company with the goal of merging with or acquiring businesses. While the company is open to opportunities in various industries and regions, it shows particular interest in metaverse technologies, tourism, and e-commerce sectors in the Asia-Pacific region.

It is crucial to note that the company has specific criteria for potential target businesses, including the exclusion of companies with unauditable financial statements for two consecutive years since 2021. Moreover, the company will not consider target companies with China operations structured through a VIE (Variable Interest Entity) arrangement.

The announcement also includes forward-looking statements, which are subject to risks and uncertainties. Plutonian Acquisition Corp. emphasizes that it may not update or revise these statements to reflect changes in expectations or circumstances.

Plutonian Acquisition Corp.'s extension of the business combination deadline with Big Tree Cloud reflects its commitment to finding the right merger partner. With a focus on specific industries and regions, the company aims to make a strategic move that aligns with its objectives. As the process unfolds, investors and stakeholders will be keen to see how this extension plays out in the coming months.

Related Post