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On May 23, 2025, Chenghe Acquisition II Co. (Chenghe II), a special purpose acquisition company (SPAC), held an extraordinary general meeting of shareholders to vote on its proposed business combination with Polibeli Group Ltd. The shareholders approved the merger, with the transaction expected to close on June 6, 2025.
The business combination agreement, initially dated September 16, 2024, outlines the terms of the merger, where Polibeli Merger One Limited will merge with Chenghe II, with Chenghe II surviving as a wholly-owned subsidiary of Polibeli Group Ltd. The agreement also includes a plan of merger to be filed with the Cayman Islands Registrar of Companies.
The meeting saw a quorum with approximately 72.07% of the total shares represented. The business combination proposal was approved with 7,664,886 votes in favor and 846,704 against, while the merger proposal received the same amount of support and opposition, respectively. A third proposal for adjournment to solicit additional proxies was not voted on due to sufficient approval of the earlier proposals.
In connection with the meeting, shareholders exercised their right to redeem 8,488,632 shares for approximately $88.6 million, or about $10.44 per share, from Chenghe II’s trust account.
The merger is subject to the satisfaction or waiver of certain conditions described in the proxy statement/prospectus filed with the SEC on May 1, 2025. The combined company will be listed on the NYSE American LLC under new tickers for its units (CHEB.U), Class A ordinary shares (CHEB), and redeemable warrants (CHEB.WS).
This news is based on a press release statement.
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