Maquia Capital (MAQC) Adjourns Extension Vote

Maquia Capital  (NASDAQ:MAQC) announced this afternoon that it intends to adjourn its special meeting today, November 3, to Friday, November 4.

The special meeting was being held to consider the proposal of amending and extending MAQC’s transaction deadline by which it must complete its initial business combination. The SPAC, however, did not give further details as to why the meeting was adjourned, but an extra day does give Maquia time to try and convert some shareholders who previously submitted requests to redeem.

MAQC’s current deadline is November 7, 2022, but, the SPAC, which is a 12 month IPO from May 2021 with a 6 month auto extension, is seeking to extend that deadline to May 7, 2023 or to an earlier date as determined by the board of directors.

While Maquia has yet to sign a definitive agreement, the SPAC announced just a few days ago that it is working diligently with a high-growth target in the fintech sector toward a business combination. The company expects to announce additional details regarding the currently proposed business combination over the next months in the event of the execution of an agreement.

As of yesterday evening, Maquia has received requests to redeem a total of 14,781,810 shares of common stock, representing 82.61% of MAQC outstanding shares, but these may be withdrawn at any time prior to the meeting.

Maquia Capital announced the pricing of its downsized $160 million IPO in May 2021 and initially set its sights on combining with a technology-focused middle market and emerging growth company in North America.