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

Rhea-AI Summary

Kairous Acquisition Corp. (NASDAQ: KACLU) announced an additional $50,000 deposit into its trust account to extend the period for completing a business combination. This extension moves the deadline from May 16, 2024, to June 16, 2024. The deposit, made by Kairous Asia , the company's IPO sponsor, is documented via a promissory note. This note bears no interest and will convert into shares at a price of $10.10 per share upon successful completion of a business combination. The extension aims to provide Kairous Acquisition Corp. more time to finalize a business merger.

Positive

• Kairous Acquisition Corp. received an additional $50,000 to extend its business combination deadline.
• The extension provides Kairous Acquisition Corp. extra time to complete a business merger.

Negative

• The need for an extension indicates potential delays in completing the business combination.
• Issuing a promissory note that converts to shares could lead to shareholder dilution.

Singapore, May 20, 2024 (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 $50,000, in order to extend the period of time the Company has to complete a business combination for an additional one (1) month period, from May 16, 2024 to June 16, 2024. 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
Athiwat Apichote
ir@kairous.com 

FAQ

What is the new deadline for Kairous Acquisition Corp. (NASDAQ: KACLU) to complete its business combination?

The new deadline for Kairous Acquisition Corp. to complete its business combination is June 16, 2024.

How much did Kairous Acquisition Corp. (NASDAQ: KACLU) receive to extend its business combination period?

Kairous Acquisition Corp. received an additional $50,000 to extend its business combination period.

What is the conversion price for the promissory note issued by Kairous Acquisition Corp. (NASDAQ: KACLU)?

The conversion price for the promissory note is $10.10 per share.

Who made the deposit into Kairous Acquisition Corp.'s (NASDAQ: KACLU) trust account?

The deposit was made by Kairous Asia , the company's IPO sponsor.

Does the promissory note issued by Kairous Acquisition Corp. (NASDAQ: KACLU) bear any interest?

No, the promissory note issued by Kairous Acquisition Corp. bears no interest.