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Technology & Telecommunication Acquisition Corporation (OTC Pink:TETEF), a special purpose acquisition company, has announced an extension to its deadline for completing a business combination. Following a vote by shareholders on Monday, the company secured approval to push back the merger deadline from April 20, 2025, to August 20, 2025.
This extension allows the company an additional four months to finalize a business combination, extending the period to 43 months post its initial public offering. The extraordinary general meeting held on Monday saw a significant turnout with 85.57% of the ordinary shares represented. Shareholders overwhelmingly supported the extension, with 3,407,508 votes in favor and only 3 against.
In conjunction with the shareholder vote, Technology & Telecommunication Acquisition Corp and Continental Stock Transfer & Trust Company amended their Investment Management Trust Agreement to reflect the new timeline.
The amendment to the company’s Amended and Restated Memorandum and Articles of Association was filed with the Registrar of Companies in the Cayman Islands, where the company is incorporated. Alongside the approval for the extension, a minimal number of shareholders elected to redeem their shares, totaling 3,561 ordinary shares.
The company’s units, consisting of one ordinary share and one-half redeemable warrant, are traded on the OTC Pink marketplace under the symbols TETEF for units, TETWF for ordinary shares, and TETUF for redeemable warrants, with each whole warrant exercisable for one ordinary share at a price of $11.50. InvestingPro data reveals an interesting characteristic: the stock typically moves in the opposite direction of the broader market, with a beta of -0.05, making it a potential portfolio diversification tool. Unlock more insights and 8 additional ProTips with an InvestingPro subscription.
The information in this article is based on a press release statement from the company’s SEC filing.
In other recent news, Technology & Telecommunication Acquisition Corp has finalized a non-redemption agreement with certain institutional investors, as detailed in a recent 8-K filing with the Securities and Exchange Commission. This agreement ensures that these investors will not redeem their public shares or will cancel any previous redemption requests before the company’s extraordinary shareholder meeting. In return, TETE and its Sponsor will forfeit 53.2% of the Sponsor’s 560,061 ordinary shares, which will be issued to the investors as new shares of the post-closing company at no additional cost. These new shares will be subject to certain conditions, including securities law restrictions and agreements related to the proposed business combination. Alternatively, investors can opt for a cash payment from TETE’s trust account equivalent to 53.2% of the final per-share redemption price. To qualify for this cash payment, investors must retain 53.2% of their publicly traded Class A shares through the business combination redemption deadline. This strategic move is part of TETE’s efforts to facilitate the proposed business combination by securing necessary shareholder approval and mitigating potential share redemptions. The details of the agreement are available in Exhibit 10.1 of the 8-K filing.
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