Shareholders are to vote on whether to give the SPAC one more year for its target search, moving its deadline from August 19 of this year to the same date in 2024.
It announced a combination with Israeli travel company Holisto in June 2022 and worked through two amendments to the deal. But, the target announced last week that it was terminating their business combination.
Getting a fresh year to work on a new deal would certainly be the safest way to go, but Moringa may have already lost a little flexibility, having seen 77.5% of shares redeemed in earlier extension votes.
Moringa’s Israel-based team set out to combine with an Israeli company, according to its initial S-1, and several of its executives spent time at 3D printing firm Stratasys (NASDAQ:SSYS), which itself announced plans to acquire de-SPAC peer Desktop Metal in May.