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Pegasus Digital Mobility Acquisition Corp. (NYSE: PGSS.U) has announced a funding of $719,907.30 to its trust account for a three-month extension, allowing it until July 26, 2023 to finalize a business combination. Concurrently, a non-interest-bearing working capital promissory note of the same amount was extended to the Sponsor on April 24, 2023.
The Company, a special purpose acquisition entity, aims to pursue acquisitions in the next-generation transportation sector, particularly related to energy transformation and digital mobility. Led by notable figures including Dr. Sir Ralf Speth and F. Jeremey Mistry, Pegasus seeks to leverage trends in zero-emission transportation and the digitization of mobility to capitalize on growth opportunities.
Positive
Extended deadline until July 26, 2023, for potential business combination.
Focus on the high-growth next-generation transportation sector.
Negative
Funding through promissory notes may indicate financial strain.
Possible delays in finding a suitable acquisition target.
GREENWICH, Conn.--(BUSINESS WIRE)--
Pegasus Digital Mobility Acquisition Corp. (NYSE: PGSS.U) (the “Company”), a special purpose acquisition company founded by StratCap Investment Management, LLC, formerly Strategic Capital Fund Management, LLC, (the “Sponsor”), today announced that it has funded the trust account maintained with Continental Stock Transfer & Trust Company with a $719,907.30 payment for the second three-month extension period, by which it extended the date by which the Company must consummate a business combination until July 26, 2023.
In addition, on April 24, 2023, the Company extended a working capital promissory note to the Sponsor for $719,907.30. The promissory note is non-interest bearing.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute "forward-looking statements." All statements other than statements of historical fact included in this press release are 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 final prospectus for the offering filed with the 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.
About Pegasus Digital Mobility Acquisition Corp.
The Company is a blank check company incorporated as a Cayman Islands exempted entity. The Company was founded by the Sponsor, an investment management organization focused on digital economy investments, and the Company is led by Dr. Sir Ralf Speth, F. Jeremey Mistry, and Dr. Stefan Berger. The Company is a special purpose acquisition company formed for the purpose of effecting a business combination with one or more businesses. While the Company may pursue an initial business combination target in any business, industry, sector or geographical location, it intends to focus its search on target businesses within the next-generation transportation sector with exposure to energy transformation and digital mobility tailwinds, particularly in the European market. The Company believes this business sector is in the early stages of a generational growth trend that is accelerating as a result of energy transformation through the rise of zero emission transportation, as well as the digitization of mobility through artificial intelligence, wireless connectivity and software applications.
Robert Bruce Chief Marketing Officer
StratCap Investment Management, LLC rbruce@stratcap.com
Source: Pegasus Digital Mobility Acquisition Corp.
FAQ
What is the significance of PGSS extending its business combination deadline?
The extension allows PGSS until July 26, 2023, to finalize a potential business combination, indicating ongoing efforts to identify growth opportunities.
How much funding did Pegasus Digital Mobility Acquisition Corp. provide for the extension?
Pegasus funded its trust account with $719,907.30 for the three-month extension period.
What sectors is PGSS targeting for acquisition?
The company is focusing on the next-generation transportation sector, particularly those related to energy transformation and digital mobility.
What is the nature of the promissory note extended to the Sponsor?
The promissory note amounts to $719,907.30 and is non-interest bearing, indicating financial support for operational needs.
