Pacifico Acquisition Corp. Stockholders Approve Proposed Merger Transaction with Caravelle

Rhea-AI Summary

Pacifico Acquisition Corp. (Nasdaq: PAFO) has announced the approval of its business combination with Caravelle Group Co., Ltd, a leader in ocean technology. During the special meeting on November 30, 2022, 82.65% of shares were represented, with 82.13% voting in favor of the merger. Notably, 99.56% of public stockholders opted to redeem shares, totaling 5,724,921 ordinary shares. The merger aims to create Caravelle International Group, set to trade under the new ticker symbol 'CACO' post-closing, which will enhance its position in the carbon-neutral shipping industry.

Positive

• 82.13% of voting stockholders approved the merger with Caravelle, indicating strong support.
• Successful integration will position Caravelle as a leader in carbon-neutral solutions in timber and shipping industries.
• 99.56% of public stockholders redeemed shares, allowing for a streamlined transition.

Negative

• 99.56% of public stockholders redeemed shares, which may indicate concerns regarding the merger's future performance.

NEW YORK, Dec. 05, 2022 (GLOBE NEWSWIRE) -- Pacifico Acquisition Corp. (Nasdaq: PAFO; “Pacifico”), a publicly traded special purpose acquisition company, today announced that Pacifico’s stockholders voted to approve its proposed business combination with Caravelle Group Co., Ltd (“Caravelle”), an ocean technology company providing international shipping services and a carbon-neutral solution for wood desiccation.

At the special meeting of stockholders on November 30, 2022, a total of 6,194,813 ordinary shares, or 82.65% of Pacifico’s issued and outstanding ordinary shares as of October 17, 2022, the record date of the extraordinary general meeting, were present either in person or represented by proxy. Holders of 6,155,465 ordinary shares, or 82.13% of the votes cast at the meeting, voted for the business combination.

Pacifico’s public stockholders had the right to elect to redeem all or a portion of their ordinary shares for a per share price calculated in accordance with its organizational documents. Pacifico’s public stockholders holding 5,724,921 ordinary shares, or 99.56% of all outstanding public shares, validly elected to redeem their public shares.

After the closing of the business combination, which is expected to occur as soon as practicable if and when all closing conditions are satisfied or waived, the ordinary shares of Caravelle International Group, the combined company, are set to begin trading on Nasdaq under the new ticker symbol, “CACO.”

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

FAQ

What was the outcome of Pacifico's stockholder meeting on November 30, 2022?

The stockholders voted overwhelmingly in favor of the business combination with Caravelle, with 82.13% supporting the merger.

What is the new ticker symbol for Caravelle International Group after the merger?

Post-merger, Caravelle International Group will trade under the new ticker symbol 'CACO' on Nasdaq.

How many public shares were redeemed by Pacifico's stockholders before the merger?

99.56% of public stockholders opted to redeem a total of 5,724,921 ordinary shares.

What impact will the merger have on the timber and shipping industries?

The merger aims to enhance Caravelle's market presence by providing carbon-neutral solutions, potentially transforming shipping practices.