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Cartesian Growth Corporation II (NASDAQ:RENEU), a $155 million market cap company whose stock is currently trading near its 52-week high at $12.05, reported on Friday that it has approved a sixth one-month extension for the time allowed to complete an initial business combination. This extension moves the deadline to June 5, 2025.
The company, which is classified under the "blank checks" industry, is based in the Cayman Islands and operates from New York, New York. Cartesian Growth Corporation II has not yet identified a business combination partner. According to InvestingPro data, the company maintains a FAIR financial health score, with a notably low beta of -0.01, indicating minimal correlation with broader market movements.
In line with the extension, Cartesian Growth Corporation II has drawn $250,000 from an unsecured promissory note, which has a principal amount of up to $2.4 million, dated November 6, 2024. This note was issued in favor of CGC II Sponsor LLC, the company’s sponsor. The funds drawn, referred to as the Extension Funds, will be deposited into the trust account established by the company during its initial public offering (IPO).
This latest extension is the sixth out of a maximum of twelve one-month extensions that the company is allowed under its amended and restated memorandum and articles of association.
The information in this article is based on a press release statement from Cartesian Growth Corporation II filed with the SEC.
In other recent news, Cartesian Growth Corporation II has announced several extensions to its business combination deadline. The company has approved a fifth one-month extension, now moving the deadline to May 5, 2025. This decision involved withdrawing $150,000 from a promissory note with CGC II Sponsor LLC, part of a total borrowing capacity of $2.4 million. Previously, Cartesian had extended the deadline to April 5, 2025, marking the fourth of twelve possible one-month extensions. These extensions provide the company with additional time to secure a suitable business combination, a common practice for special purpose acquisition companies. The funds drawn from the promissory note are deposited into a trust account established during Cartesian’s initial public offering. Cartesian Growth Corporation II’s securities, including units, Class A ordinary shares, and warrants, are traded on The Nasdaq Stock Market. These developments reflect the company’s ongoing efforts to finalize a merger or acquisition within the set timeframe.
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