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PRNewsWire
1 year ago
CARTICA ACQUISITION CORP ANNOUNCES CONTRIBUTION TO TRUST ACCOUNT FOR EXTENSION AMENDMENT
NEW YORK , March 22, 2024 /PRNewswire/ -- Cartica Acquisition Corp ("Cartica" or the "Company") (Nasdaq: "CITE", "CITEU", "CITEW") announced today that Cartica Acquisition Partners, LLC (the "Sponsor") will make a cash contribution of an aggregate of $40,000 to Cartica's trust account for each month (as further detailed below), in connection with the shareholder vote to approve an amendment to its charter to extend the date by which Cartica has to complete an initial business combination from April 7, 2024 to January 7, 2025, or such earlier date as determined by the Company's board of directors (the "Charter Extension"). CARTICA ACQUISITION CORP ANNOUNCES CONTRIBUTION TO TRUST ACCOUNT FOR EXTENSION AMENDMENT As a result of the above change, if the Charter Extension is approved and implemented, the Sponsor or its designees will contribute to the Company as a loan (the "Contributions") an aggregate of $40,000 for each month (commencing on April 7, 2024 and on the 7th day of each subsequent month) until January 7, 2025 (the "Extension Period"), or portion thereof, that is needed to complete an initial business combination, which amount will be deposited into the trust account.