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KUALA LUMPUR – Bukit Jalil Global Acquisition 1 Ltd., a special purpose acquisition company, has extended the deadline to complete its initial business combination by one month to August 30, 2024, according to a recent SEC filing. This move marks the second of twelve possible monthly extensions that the company is allowed under its charter.
The extension was enabled by a $100,000 deposit into the company's trust account on behalf of its public shareholders, made on or about Monday, July 29, 2024. The deposit was funded by the issuance of an unsecured promissory note to the company's sponsor, Bukit Jalil Global Investment Ltd. The note carries no interest and is payable by the earlier of the completion of the business combination or the company's termination date.
The note provides the sponsor with the option, though not the obligation, to convert the debt into private units of the company. These units would consist of one ordinary share, half of one warrant, and the right to receive one-tenth of one ordinary share upon the completion of a business combination. The conversion price for the units would be set at $10.00 per unit.
This financial maneuver follows the company's extraordinary general meeting held on June 29, 2024, where shareholders approved amendments to the company's memorandum and articles of association. These amendments included extending the deadline for completing a business combination to June 30, 2025, and removing the net tangible asset requirement that could limit the company's ability to redeem shares.
In relation to the amendments, 2,820,485 ordinary shares were redeemed, a process that has since been completed. The issuance of the promissory note and the potential future issuance of units are exempt from registration under the Securities Act of 1933.
The information reported is based on a press release statement.
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