In a recent development, Jaws Mustang Acquisition Corporation (OTC Pink Open Market: JWSMF), a blank check company, has announced an extension to its deadline for completing a business combination. The decision was ratified by shareholders at a meeting held on Tuesday, with the new termination date set for January 4, 2025.
The extraordinary general meeting, which took place on November 26, 2024, resulted in the approval of an amendment to the company's Memorandum and Articles of Association. This amendment permits Jaws Mustang Acquisition Corp to extend its business combination deadline from the original date of December 4, 2024, to the new date in January 2025.
Additionally, the company's board of directors has been granted the authority to further extend this deadline on a monthly basis, up to twenty-three times, if necessary, without seeking additional shareholder approval.
Furthermore, as part of the approval process for the extension, shareholders of Jaws Mustang Acquisition Corp holding 1,405,293 Class A Ordinary Shares chose to redeem their shares. The redemption was carried out at approximately $11.48 per share, totaling around $15,111,008.
After these redemptions, the remaining balance in the company's trust account is approximately $1,027,603. InvestingPro analysis reveals the stock is trading near its 52-week high of $12.08, with an RSI indicating overbought conditions.
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