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Cartesian Growth Corporation II (NASDAQ:RENEU), a special purpose acquisition company with a market capitalization of $154.44 million, announced today that it has approved a fifth one-month extension for completing its initial business combination, now set for May 5, 2025. The decision, made on April 1, 2025, involves the withdrawal of $150,000 from a promissory note with CGC II Sponsor LLC to fund the extension. The stock currently trades at $11.69, near its 52-week high of $12. InvestingPro analysis indicates the stock is trading slightly above its Fair Value.
The unsecured promissory note, dated November 6, 2024, allows for a total borrowing of up to $2.4 million by the company. This extension is part of the twelve one-month extensions allowed under the company’s governing documents. The additional funds will be deposited into the trust account established during Cartesian’s initial public offering. According to InvestingPro data, the company’s current ratio of 0.13 suggests tight liquidity, with short-term obligations exceeding liquid assets. Subscribers can access 4 additional ProTips and comprehensive financial metrics.
This move provides Cartesian with additional time to secure a suitable initial business combination, which is a common step for companies structured as blank check entities, particularly within the real estate and construction sector. The company’s securities, including units (RENEU), Class A ordinary shares (RENE), and warrants (RENEW), are currently traded on The Nasdaq Stock Market LLC.
The information presented in this article is based on a press release statement from Cartesian Growth Corporation II filed with the Securities and Exchange Commission.
In other recent news, Cartesian Growth Corporation II has extended its deadline to complete an initial business combination by one month, now set for April 5, 2025. This marks the fourth extension, with the company utilizing $150,000 from an unsecured promissory note with CGC II Sponsor LLC, contributing to a total of $2.4 million available. The funds are deposited into the company’s trust account, established during its initial public offering, to provide additional time for securing a merger or acquisition. This extension was approved on February 28, 2025, in accordance with the company’s governing documents. Cartesian Growth Corporation II, a special purpose acquisition company, is structured to merge with or acquire an existing company within a specified timeframe. The recent extension is part of a series of twelve potential one-month extensions allowed under the company’s articles of association. Investors may find this development significant as it affects the timeline for achieving the company’s business objectives. These recent developments are based on official statements and filings by Cartesian Growth Corporation II.
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