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KUALA LUMPUR – Bukit Jalil Global Acquisition 1 Ltd. (NASDAQ:BUJA), a special purpose acquisition company with a market capitalization of $55.34 million, has announced an extension for completing its initial business combination. The company has secured an additional month, moving the deadline from March 30, 2025, to April 30, 2025. Currently trading at $11.75, InvestingPro analysis suggests the stock is trading above its Fair Value, with a notably high P/E ratio of 44.17x.
This extension, disclosed in a recent SEC filing, marks the tenth one-month extension permitted under the company’s charter, with the possibility of two more such extensions until June 30, 2025. In order to facilitate this extension, Bukit Jalil’s sponsor deposited $100,000 into the company’s trust account on Wednesday. According to InvestingPro data, the company’s current ratio of 0.19 indicates potential liquidity challenges, with short-term obligations exceeding liquid assets. For comprehensive financial health analysis and additional insights, subscribers can access over 30 key metrics and exclusive ProTips.
Concurrently, Bukit Jalil issued an unsecured promissory note to the sponsor for the same amount. The note does not bear interest and is payable by the earlier of the consummation of the business combination or the expiry of the company’s term. The sponsor may choose to convert the note into private units of the company, each comprising one ordinary share, one-half of one warrant, and one right to receive one-tenth of one ordinary share upon completion of a business combination, at a conversion price of $10.00 per unit.
This financial maneuvering comes as Bukit Jalil prepares for an extraordinary general meeting on March 31, 2025, where shareholders will vote on a proposed business combination with Global IBO Group Ltd., a Cayman Islands company. The meeting will be held both in-person in New York and virtually. The company maintains a FAIR financial health score of 2.37 according to InvestingPro metrics, a crucial consideration for investors evaluating the upcoming business combination.
The filing also serves as a reminder to shareholders regarding the solicitation of proxies for the upcoming meeting. Shareholders seeking more information or wishing to request documents may contact Advantage Proxy, Inc.
This information is based on a press release statement and aims to provide shareholders with the latest developments regarding the company’s efforts to finalize a business combination. Investors are encouraged to read the definitive proxy statement and other relevant documents filed with the SEC for more details on the proposals to be approved at the extraordinary meeting.
In other recent news, Bukit Jalil Global Acquisition 1 Ltd. has announced extensions to its deadline for completing a business combination. The company disclosed in recent filings with the Securities and Exchange Commission (SEC) that it has secured additional one-month extensions, moving deadlines first from December 30, 2024, to January 30, 2025, and then further to February 28, 2025. These extensions are facilitated by $100,000 deposits into the company’s trust account by Bukit Jalil Global Investment Ltd., the sponsor of Bukit Jalil Global Acquisition 1 Ltd. The sponsor also issued a $100,000 unsecured promissory note to the company, which bears no interest and is due upon the consummation of the business combination or at the end of the company’s term. The sponsor retains the right to convert the note into private units of the company, consisting of ordinary shares and other securities, under certain conditions. The issuance and potential conversion of the note are exempt from registration under the Securities Act of 1933. These developments provide additional time for the company to identify and complete a merger with a target company.
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