GoGreen Investments Corporation Announces Extension of Deadline to Complete Business Combination

Rhea-AI Summary

GoGreen Investments Corporation (NYSE: GOGN.U) has announced an extension for completing its business combination, moving the deadline from January 25, 2023, to April 25, 2023. This is the first of two possible three-month extensions allowed by its governing documents. The sponsor, GoGreen Sponsor 1 LP, will deposit $2,760,000 (or $0.10 per public share) into the trust account to facilitate this extension. GoGreen focuses on merging with firms in the clean/renewable energy sector and aims to identify suitable targets during this extended timeframe.

Positive

• The company received a $2.76 million deposit to secure the extension.
• The extension provides additional time to finalize a business combination.

Negative

• The need for an extension may indicate challenges in securing a business combination.

NEW YORK, NY, Jan. 18, 2023 (GLOBE NEWSWIRE) -- GoGreen Investments Corporation (NYSE: GOGN.U) (the "Company") announced today that its sponsor, GoGreen Sponsor 1 LP (the "Sponsor"), has requested that the Company extend the date by which the Company has to consummate a business combination from January 25, 2023 to April 25, 2023 (the "Extension"). The Extension is the first of two three-month extensions permitted under the Company's governing documents. In connection with the Extension, the Sponsor has notified the Company that it intends to deposit an aggregate of $2,760,000 (representing $0.10 per public share) into the Company's trust account on or before January 25, 2023. The Extension provides the Company with additional time to complete its initial business combination.

About GoGreen Investments Corporation

GoGreen Investments Corporation 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. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on companies in the clean/renewable energy space.  GoGreen is led by Chief Executive Officer John Dowd.

Forward-Looking Statements

This press release may include, and oral statements made from time to time by representatives of the Company may include, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company's filings with the Securities and Exchange Commission ("SEC"). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for the Company's initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

Michael Sedoy, CFA
CFO
713.337.4075
info@gogreeninvestments.com

FAQ

What is the new deadline for GoGreen Investments to complete its business combination?

The new deadline is April 25, 2023.

How much is the sponsor depositing into the trust account for GoGreen Investments?

The sponsor is depositing $2,760,000, which is $0.10 per public share.

What is the stock symbol for GoGreen Investments Corporation?

The stock symbol is GOGN.U.

Why did GoGreen Investments request an extension for its business combination?

The extension provides the company more time to identify and finalize a suitable business combination.

How many total extensions can GoGreen Investments Corporation request?

The company is allowed two three-month extensions under its governing documents.