The SPAC’s Chairman determined to postpone the meeting in order to allow for additional voting on the extension proposal which would extend Swiftmerge’s timeline from June 17, 2023 to March 15, 2024.
In connection with the adjournment, the company has also determined that it will allow shareholders who previously elected to redeem their Class A ordinary shares to reverse their requests by 5:00 p.m. ET on June 19.
Although Swiftmerge has not yet announced a definitive agreement, it signed a non-binding letter of intent (LOI) in April to combine with commercial-stage biotech company HDL. The parties’ press release did not include a proposed valuation for the deal, but the SPAC currently has about $228 million in trust. Swiftmerge is led by Chairman George Jones, CEO John “Sam” Bremmer, CFO Christopher J. Munyan, and COO and Secretary Aston Loch.