Corporate ActionJun 25, 2026, 09:22 AM
Range Capital Extends Business Combination Deadline, Issues $540K Note
AI Summary
Range Capital Acquisition Corp. extended its deadline to complete an initial business combination to up to 27 months from its IPO, following shareholder approval at an extraordinary general meeting. To facilitate this extension, the company issued an unsecured promissory note for up to $540,000 to its sponsor. This note will fund monthly contributions of up to $60,000 to the Trust Account for each one-month extension, with $60,000 already drawn.
Key Highlights
- Shareholders approved an amendment to extend the business combination deadline to up to 27 months from IPO.
- Range Capital issued an unsecured promissory note for up to $540,000 to its sponsor.
- The note funds monthly contributions of up to $60,000 to the Trust Account for extensions.
- $60,000 was drawn from the note on June 22, 2026, and deposited into the Trust Account.
- The promissory note is non-interest bearing and payable upon business combination or winding up.
- Liquidation and dissolution expenses deductible from the Trust Account were reduced from $100,000 to $20,000.
- The Extension Amendment Proposal was approved by shareholders representing 85.02% of voting power.
Price Impact
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