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Maquia Capital Acquisition Corporation (OTC:MAQCU), currently trading at $11.69 and near its 52-week high, announced today an amendment to its charter extending the deadline to complete its initial business combination by one year, now set for February 7, 2026. This decision was made following a scrivener’s error that incorrectly stated January 7, 2025, as the original deadline.
The correction comes after the Securities and Exchange Commission (SEC) rejected the company’s earlier proxy materials and suggested liquidation. According to InvestingPro analysis, the company is currently trading above its Fair Value, with a market capitalization of $61 million.
The Miami-based special purpose acquisition company (SPAC), which specializes in prepackaged software services, held a special meeting on August 7, 2024, where stockholders approved the initial extension. However, due to the error, the company’s board intended for the extension to be until February 7, 2025, which was later corrected in their January 10, 2025 proxy materials.
Despite the SEC’s initial rejection, stockholders have now officially approved the extension to 2026. InvestingPro data shows the company maintains a FAIR financial health score, though it trades at a relatively high P/E ratio of 63.19. Subscribers can access 8 additional key insights about MAQCU’s financial position.
In addition to the extension, Maquia Capital is working with Delaware counsel to ensure all charter amendments are properly ratified according to Delaware law. This measure aims to validate all actions taken by the company.
During the special meeting, at least 3,392,958 shares were represented, and the extension proposal was unanimously approved with 4,988,282 votes in favor, none against, and no abstentions. Consequently, 76,516 shares of the company’s Class A common stock were redeemed for cash from the trust account in connection with the Extension Amendment Proposal.
This move allows Maquia Capital additional time to secure a suitable business combination partner. The information is based on the latest SEC filing by Maquia Capital Acquisition Corporation.
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