Kairous Acquisition Corp extends business combination deadline in Singapore
- Kairous Acquisition Corp. Limited extended its deadline to complete a business combination by one month, from September 16, 2024, to October 16, 2024.
- The extension was made possible by a $50,000 deposit from Kairous Asia Limited into the company's trust account, documented through a promissory note.
- This move aims to provide the company with additional time to finalize a merger or acquisition, which is critical for its operational strategy.
On September 16, 2024, Kairous Acquisition Corp. Limited, a special purpose acquisition company based in Singapore, announced an extension of its deadline to complete a business combination. The company’s initial public offering sponsor, Kairous Asia Limited, contributed $50,000 to the trust account to facilitate this extension. This deposit allows the company an additional month, pushing the deadline from September 16, 2024, to October 16, 2024. The funds deposited will be documented through a promissory note issued by Kairous Acquisition Corp. to its sponsor. This note, which carries no interest, will convert into ordinary shares at a price of $10.10 per share upon the successful closing of a business combination. The extension aims to provide the necessary time for the company to finalize a merger or acquisition, which is crucial for its operational strategy. Kairous Acquisition Corp. Limited is designed to engage in mergers, share exchanges, and similar business combinations with various businesses. The company’s efforts to secure additional time reflect its commitment to finding a suitable business partner, which is essential for its long-term success. The announcement also includes forward-looking statements that highlight the inherent risks and uncertainties involved in the business combination process. The company has made it clear that actual results may differ from these projections, and it does not commit to publicly updating any forward-looking statements in the future.