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Cartesian Growth Corporation II (NASDAQ:RENEU), a special purpose acquisition company currently trading at $11.69 and near its 52-week high of $12.00, announced today that it has extended the deadline to complete its initial business combination by one month to April 5, 2025. This marks the fourth extension out of a maximum of twelve one-month extensions allowed by the company’s governing documents. According to InvestingPro data, the company maintains a notably stable trading pattern with low price volatility.
On Monday, the company drew $150,000 from an unsecured promissory note, totaling up to $2.4 million, which was initially dated November 6, 2024, and is held by CGC II Sponsor LLC. The funds from this draw, referred to as the Extension Funds, will be deposited into Cartesian Growth Corporation II’s trust account, which was set up during its initial public offering. The company, with a market capitalization of $152.75 million, shows a current ratio of 0.09, indicating potential challenges in meeting short-term obligations.
This extension provides Cartesian Growth Corporation II additional time to finalize a business combination, which is a common step for companies structured as blank check entities, like Cartesian Growth Corporation II. Blank check companies are formed for the purpose of acquiring or merging with an existing company, and they typically have a set timeframe to complete a business combination. InvestingPro analysis reveals the company maintains a GOOD financial health score, with additional insights available to subscribers regarding its merger potential and valuation metrics.
The decision to extend the business combination period was approved on February 28, 2025, and is in line with the provisions set forth in the company’s amended and restated memorandum and articles of association.
Investors in Cartesian Growth Corporation II’s securities, which include units, class A ordinary shares, and warrants, may find this extension relevant as it relates to the timeline for the company to achieve its business objective. The securities are traded on The Nasdaq Stock Market under the symbols RENEU for units, RENE for Class A ordinary shares, and RENEW for warrants.
This report is based on a press release statement and reflects the latest developments regarding Cartesian Growth Corporation II’s financial obligations and strategic timeline.
In other recent news, Cartesian Growth Corporation II has announced a third extension for its deadline to complete an initial business combination, now set for March 5, 2025. This extension was made possible through a $150,000 drawdown from an existing unsecured promissory note with its sponsor, CGC II Sponsor LLC. The note, established on November 6, 2024, allows for borrowings up to $2.4 million, providing Cartesian with additional time to secure a business combination. Additionally, Cartesian has issued a $250,000 promissory note to CGC II Sponsor LLC, which is non-interest bearing and includes an option to convert the principal into warrants. This note will mature upon the completion of a business combination or the company’s winding up. These financial maneuvers are part of Cartesian’s strategic efforts to find suitable merger or acquisition targets. The company is classified as an emerging growth company and continues to seek business combination opportunities. All information is based on recent filings with the U.S. Securities and Exchange Commission.
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