Cartesian Growth Corporation II (NASDAQ:RENEU), a blank check company, has announced an extension of its deadline to complete an initial business combination. The company, which specializes in mergers and acquisitions, particularly in the real estate and construction sectors, has extended its business combination period by one month to October 10, 2024.
The decision, made on Thursday, September 5, 2024, marks the ninth one-month extension and is permitted under the company's amended and restated memorandum and articles of association.
Cartesian Growth Corporation II has drawn $150,000 from an unsecured promissory note of up to $1,800,000, dated November 6, 2023, with CGC II Sponsor LLC, as part of the extension process. The funds, referred to as the Extension Funds, will be deposited into the trust account established for the company's initial public offering.
The company's securities, including units, class A ordinary shares, and warrants, are listed on The Nasdaq Stock Market under the ticker symbols RENEU, RENE, and RENEW respectively. Each unit consists of one class A ordinary share and one-third of one warrant, with each whole warrant exercisable for one class A ordinary share at an exercise price of $11.50.
In other recent news, Cartesian Growth Corporation II has been actively managing its financial obligations and business strategies. The New York-based company issued an unsecured promissory note valued at $250,000 to its sponsor, CGC II Sponsor LLC.
This note, non-interest bearing, will be due either upon completion of the company's initial business combination or the effective date of the company's winding up. In the event of a business combination, the sponsor can convert the principal into warrants, each equivalent to a dollar of the principal amount converted.
Further, Cartesian Growth Corporation II has secured its ninth extension for finalizing an initial business combination, now set for August 10, 2024. This extension, part of twelve possible one-month extensions, indicates the company's ongoing efforts to complete a business deal within the allotted timeframe. To facilitate this extension, the company drew $150,000 from an unsecured promissory note issued in favor of CGC II Sponsor LLC.
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