Pacifico and Caravelle Postpone Closing of Merger Transaction

Rhea-AI Summary

Pacifico Acquisition Corp. (Nasdaq: PAFO) has announced the postponement of its merger with Caravelle Group Co., Ltd due to unmet closing conditions. The transaction, aimed at combining Pacifico's resources with Caravelle's innovative carbon-neutral shipping solutions, is now targeted for completion within 30 calendar days. This merger is significant as Caravelle is positioned as a leader in ocean technology, focusing on sustainability in shipping and timber industries.

Positive

• Potential for synergies between Pacifico and Caravelle's shipping services.
• Caravelle's focus on carbon-neutral solutions aligns with market trends towards sustainability.

Negative

• Postponement of the merger indicates possible complications in meeting closing conditions.
• Delays could impact investor confidence and market perception of PAFO.

NEW YORK, Dec. 7, 2022 /PRNewswire/ -- Pacifico Acquisition Corp. (Nasdaq: PAFO; "Pacifico"), a publicly traded special purpose acquisition company, today announced that Pacifico and Caravelle Group Co., Ltd ("Caravelle"), an ocean technology company providing international shipping services and a carbon-neutral solution for wood desiccation, are postponing the closing of the business combination due to certain closing conditions not yet being satisfied. Pacifico is working towards to close the transaction within 30 calendar days.

About Caravelle Group Co., Ltd

Caravelle Group Co., Ltd ("Caravelle") is a world-leading ocean technology firm providing a carbon-neutral solutions to the traditional timber and shipping industries. Boasting a seasoned, entrepreneurial team with extensive experience in the international shipping and timber industry, Caravelle will transform ocean-based shipping with its integration of its traditional shipping services and the newly launched CO-Tech business. For more information, visit: https://www.caravelleglobal.com.

About Pacifico Acquisition Corp.

Pacifico Acquisition Corp ("Pacifico") 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.

Contact

For Pacifico Acquisition Corp.:

Edward Cong Wang
Chief Executive Officer
Pacifico Acquisition Corp.
c/o Pacifico Capital LLC
521 Fifth Avenue 17th Floor
New York, NY 10175
Email: edwardwang@pacificocorp.com

 

View original content:https://www.prnewswire.com/news-releases/pacifico-and-caravelle-postpone-closing-of-merger-transaction-301696873.html

SOURCE Pacifico Acquisition Corp.

FAQ

Why has Pacifico Acquisition Corp. postponed the merger with Caravelle Group Co., Ltd?

Pacifico postponed the merger due to certain closing conditions that have not yet been satisfied.

What is the new timeline for the merger between Pacifico and Caravelle?

The merger is now expected to close within 30 calendar days.

What are the implications of the merger between PAFO and Caravelle?

The merger aims to leverage Caravelle's carbon-neutral shipping solutions to enhance market presence and offer sustainable services.

How might the postponement of the merger affect PAFO's stock performance?

The postponement may negatively impact investor confidence and could lead to fluctuations in PAFO's stock price.