AXIOS Sustainable Growth (AXAC) Inks Non-Redemption Agreements
AXIOS Sustainable Growth Acquisition Corp. (NYSE:AXAC) announced in an 8-K this afternoon that it has signed non-redemption agreements with one or more third parties.
The investors hold an aggregate of 400,000 shares of common stock and have agreed to not redeem their shares at AXAC’s upcoming extension meeting on February 14. The SPAC, which IPO’d in February 2022, has a completion deadline approaching on February 18, but is hoping to gain shareholder approval to extend its timeline to February 2024.
Pursuant to the non-redemption agreements, the shareholders have agreed to vote in favor of the extension proposal. Additionally, AXIOS expects the agreements to increase the amount of funds that remain in its trust account following the meeting.
The agreements provide for the allocation of one share of AXAC common stock held by its sponsor in exchange for each five public shares the investor agrees to hold and not redeem.
AXIOS Sustainable Growth raised $150 million in its IPO and is still on the hunt for a target company. It intends to acquire a business engaged in agribusiness, plant-based proteins, food processing and AgTech based in Central and Eastern Europe.
The SPAC and its sponsor expect to execute additional non-redemption agreements with other investors prior to its meeting next week.