Globis Acquisition Corp. Announces Extension of Completion Window to March 15, 2022

Rhea-AI Summary

Globis Acquisition Corp. (NASDAQ: GLAQU, GLAQ, GLAQW) has announced an extension of its deadline to complete an initial business combination from December 15, 2021, to March 15, 2022. The extension follows a timely deposit of $1,150,000 into the company's trust account by Globis SPAC LLC, its IPO sponsor. This additional time aims to facilitate a successful business combination, with a focus on targets benefitting from economic globalization trends, especially in emerging markets.

Positive

• Extension of business combination deadline to March 15, 2022, providing additional time for strategic planning.
• Timely deposit of $1,150,000 in the trust account enhances financial stability for pursuing target businesses.

Negative

• Extension may indicate challenges in identifying or finalizing a suitable business combination.

NEW YORK, NY / ACCESSWIRE / December 10, 2021 / Globis Acquisition Corp. (NASDAQ:GLAQU, GLAQ, GLAQW) (the "Company") announced today that it has extended the period of time it will have to consummate its initial business combination by three months from the current deadline of December 15, 2021 until March 15, 2022. Globis SPAC LLC, the Company's initial public offering sponsor, has timely deposited $1,150,000 in the Company's trust account. The purpose of the extension is to provide time for the Company to complete a business combination.

About Globis Acquisition Corp.

Globis Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Globis Acquisition Corp. intends to focus its search on a target business that will benefit from trends toward economic globalization, particularly as it affects emerging markets. The proceeds of the offering will be used to fund such business combination.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.

Contact:

Hayden IR
Brett Maas
(646) 536-7331
brett@haydenir.com

SOURCE: Globis Acquisition Corp.

View source version on accesswire.com:
https://www.accesswire.com/677024/Globis-Acquisition-Corp-Announces-Extension-of-Completion-Window-to-March-15-2022

FAQ

What is the significance of the extension to March 15, 2022, for Globis Acquisition Corp.?

The extension allows Globis Acquisition Corp. more time to complete its initial business combination, which is crucial for its growth trajectory.

How much money has Globis SPAC LLC deposited in the trust account?

$1,150,000 has been deposited in the trust account to support the company's business combination efforts.

What challenges might Globis Acquisition Corp. face with the business combination extension?

The necessity for an extension may suggest difficulties in securing a viable target business, which could impact future performance.

Which stock symbols are associated with Globis Acquisition Corp.?

The associated stock symbols are GLAQU, GLAQ, and GLAQW.