PHP Ventures Acquisition deposits $4,770.70 to extend merger deadline by one month

PHP Ventures Acquisition Corp. (formerly NASDAQ:PPHPU) deposited $4,770.70 into its trust account on August 13 to extend the deadline for completing an initial business combination by one month, from August 16, 2025 to September 16, 2025. Trust accounts are crucial for SPACs, typically holding around $10 per share of IPO proceeds. The company stated that it intends to seek stockholder approval for a further extension to finalize a business combination.

According to a statement in the SEC filing, PHP Ventures Acquisition filed a preliminary proxy statement with the U.S. Securities and Exchange Commission on July 28 regarding a special meeting of stockholders to vote on the proposed extension. The company urged its stockholders to review the proxy materials, which include details about the extension and related matters.

PHP Ventures Acquisition, a Delaware corporation, was suspended from trading on Nasdaq on April 19, 2024, and a Form 25 was filed on June 28, 2024, to remove its securities from listing and registration on the exchange. As of the date of the filing, the company is classified as an emerging growth company.

This information is based on a press release statement included in the company’s Form 8-K filing with the SEC.

In other recent news, ON Semiconductor (NASDAQ:ON) reported earnings that exceeded expectations, with revenue approximately $17 million ahead of estimates and earnings matching consensus projections. Despite this performance, several analyst firms have adjusted their price targets and ratings for the company. Benchmark raised its price target to $60 while maintaining a Buy rating, citing stabilization across end markets. Conversely, Rosenblatt lowered its target to $50, maintaining a Neutral stance due to concerns about slightly lower quarter-over-quarter non-GAAP gross margins. TD Cowen also reduced its target to $55, maintaining a Buy rating but expressing concerns about business exits planned for 2026 and stagnant gross margins. UBS followed suit, lowering its price target to $50, citing increased revenue and gross margin headwinds. Additionally, BofA Securities downgraded ON Semiconductor from Buy to Neutral, reducing its price target to $56, due to a weak recovery outlook and challenges in the industrial and automotive sectors. These developments reflect varying perspectives on the company’s future performance.

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