Golden Path Acquisition Corporation Announces to Extend Deadline to Consummate Business Combination

Rhea-AI Summary

Golden Path Acquisition Corporation (GPCO) announced an extension of one month to complete a business combination, now due by July 24, 2022. The Company’s sponsor, Greenland Asset Management Corporation, has deposited $191,667 into the Trust Account, equivalent to $0.033 per public share. This extension could occur up to eight additional times, with a total potential investment of $1,533,333. The aim is to successfully pursue acquisition opportunities, particularly in connection with the Asian market.

Positive

• Extension of business combination deadline to July 24, 2022, enhancing chances for a successful acquisition.
• Potential for up to $1,533,333 in funding to facilitate future extensions, demonstrating ongoing support from the sponsor.

Negative

• Delay in business combination may indicate challenges in identifying suitable acquisition targets.
• Repeated extensions may signal a lack of confidence in timely execution of a merger or acquisition.

NEW YORK, June 22, 2022 /PRNewswire/ -- Golden Path Acquisition Corporation (the "Company" or "Golden Path") (NASDAQ: GPCO) (the "Company") today announced that the Company's sponsor, Greenland Asset Management Corporation (the "Sponsor"), has deposited into the Company's trust account (the "Trust Account") an aggregate of $191,667, representing $0.033 per public share of the Company, in order to extend the period of time the Company has to consummate a business combination by one month to July 24, 2022.

The Sponsor plans to extend such period of time additional eight times to complete its initial business combination as necessary, each by an additional one months, up to March 24, 2023, by depositing $191,667 each time and up to an aggregate amount of $1,533,333 into the Trust Account, representing up to an additional $0.267 per public share, in connection with such additional extensions. 

About Golden Path Acquisition Corporation

The Company is a blank check company incorporated as a Cayman Islands exempted company and 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 acquisition opportunity in any industry or sector, the Company intends to focus on businesses that have a connection to the Asian market.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements". 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 offering filed with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. 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

Shaosen Cheng
Chief Executive Officer
ceo@goldenpath.cn

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SOURCE Golden Path Acquisition Corporation

FAQ

What is the purpose of Golden Path Acquisition Corporation's recent cash deposit?

The deposit aims to extend the deadline to complete a business combination by one month, now due by July 24, 2022.

How much money did Greenland Asset Management deposit for the extension?

Greenland Asset Management deposited $191,667, which is $0.033 per public share.

How many times can Golden Path extend its deadline for the business combination?

Golden Path can extend the deadline up to eight additional times, potentially until March 24, 2023.

What is the total amount Golden Path could receive for extensions?

The total potential funding for extensions could reach up to $1,533,333.

Which markets does Golden Path Acquisition Corporation target for potential acquisitions?

Golden Path intends to focus on businesses with connections to the Asian market.