Shareholders at the meeting are to vote on proposals to allow Papaya Growth I to extend its transaction deadline up to four months from October 19 to February 19, 2024 in exchange for contributing the lesser of $325,000 or $0.325 per share to its trust for each month.
The SPAC also has proposals on the ballot to eliminate an earlier restriction that would have limited total redemptions from reducing its trust below $5 million. Papaya Growth I’s sponsor has also requested the right to exchange promote shares for Class A shares on a one-to-one basis.
Papaya Growth I has not yet announced a business combination, but raised $293.3 million in its January 2022 IPO and has seen that so far reduced to $102.5 million after 65.7% of shares were redeemed in an April vote.
Its team has experience in investing in high-growth tech businesses and it stated in its initial S-1 that it hoped to identify a target with clear business moats, a large market and ESG qualities.