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Technology & Telecommunication Acquisition Corp (NASDAQ:TETE), a special purpose acquisition company, has announced amendments to its corporate charter and trust agreement, extending the deadline to complete a business combination by three months, as per a recent 8-K filing with the Securities and Exchange Commission.
On Monday, TETE shareholders approved an extension of the company's deadline to consummate a business combination from January 20, 2025, to April 20, 2025. This amendment allows TETE an additional three months, extending the period to 39 months post its initial public offering.
In conjunction with the extension, TETE entered into a non-redemption agreement with its sponsor, Technology & Telecommunication LLC, and certain institutional investors. Under this agreement, these investors agreed not to exercise their redemption rights at the General Meeting, or to rescind any previous redemption requests.
If the proposed business combination is successful, the sponsor will forfeit 150,000 shares of common stock, which will then be issued to the investors at no additional cost, or alternatively, investors may opt to receive a cash payment directly from the company's trust account.
The decision to extend the combination period comes as TETE works towards finalizing a business combination agreement. The company's shares, units, and warrants are traded on The Nasdaq Stock Market under the symbols TETE, TETEU, and TETEW, respectively.
These corporate actions were undertaken following a vote at the Extraordinary General Meeting of Shareholders held on January 20, 2025, where a significant majority of the votes cast were in favor of the extension. Alongside the charter amendment, the company's investment management trust agreement was also amended to reflect the new deadline.
The information presented in this article is based on the 8-K filing submitted by Technology & Telecommunication Acquisition Corp to the Securities and Exchange Commission.
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