Kairous Acquisition Corp. Limited Announces Additional Contribution to Trust Account to Extend Period to Consummate Business Combination

Rhea-AI Summary

Kairous Acquisition Corp. Limited (NASDAQ: KACL) Extends Business Combination Deadline with $120,000 Deposit

Positive

• The extension of the business combination deadline demonstrates the Company's commitment to finding the right opportunity for a successful merger or acquisition.
• The deposit of $120,000 into the Trust Account provides financial flexibility and additional time for the Company to explore potential business combinations.
• The promissory note issued to the Sponsor with no interest and conversion into ordinary shares at a favorable price indicates a mutually beneficial agreement between the parties.

Negative

• None.

Malaysia, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Kairous Acquisition Corp. Limited (NASDAQ: KACL, the “Company”), a special purpose acquisition company, announced today that Kairous Asia Limited, the Company’s initial public offering sponsor (“Sponsor”), has deposited into the Company’s trust account (the “Trust Account”) an aggregate of $120,000, in order to extend the period of time the Company has to complete a business combination for an additional one (1) month period, from November 16, 2023 to December 16, 2023. The Company issued a promissory note to Sponsor with a principal amount equal to the amount deposited. The promissory note bears no interest and will be converted into the Company’s ordinary shares at a price of $10.10 per share at the closing of a business combination by the Company. The purpose of the extension is to provide time for the Company to complete a business combination.

About Kairous Acquisition Corp. Limited

Kairous Acquisition Corp. Limited 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.

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, including the successful consummation of the Company’s initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The Company expressly disclaims any obligations 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.

Contacts

Kairous Acquisition Corp. Limited 
Joseph Lee 
ir@kairous.com

FAQ

What is the purpose of the $120,000 deposit into the Trust Account?

The purpose is to extend the period of time the Company has to complete a business combination for an additional one (1) month period, from November 16, 2023 to December 16, 2023.

What is the conversion price of the promissory note into the Company's ordinary shares?

The promissory note will be converted into the Company’s ordinary shares at a price of $10.10 per share at the closing of a business combination by the Company.

What does the extension of the business combination deadline signify for Kairous Acquisition Corp. Limited?

The extension demonstrates the Company's commitment to finding the right opportunity for a successful merger or acquisition.