The proposals on its ballot would have initiated the process of winding down the SPAC and returning all trust capital to investors outside of $100,000 for dissolution expenses.
Its current transaction deadline is coming up on September 27, but it can automatically extend this to November 27 by contributing the lesser of $150,000 or $0.0375 per share to its trust. The SPAC would appear to need to do this before its reconvened vote, which would appear to defeat the purpose of an early liquidation in the first place.
Instead, LatAmGrowth may be in the process of negotiating a takeover of its sponsor economics with a new team. It still has about $58.6 million in its trust after seeing 56.9% of shares redeemed in an earlier extension.
More than a dozen other SPACs have opted to sell their sponsor economics this year around a similar point in their timeline to recoup some upside and let new management give it a shot. Any new team would have to seek shareholder approval of a new extension to get it beyond November, however.