PHP Ventures Acquisition Corp. Confirms Funding to Extend Period to Consummate Initial Business Combination

Rhea-AI Summary

PHP Ventures Acquisition Corp. (Nasdaq: PPHPU) has announced a deposit of $575,000 into its Trust account for public stockholders, marking $0.10 per public share. This funding extends the deadline for completing its initial business combination by three months, from November 16, 2022 to February 16, 2023. This is the second of two permitted three-month extensions. The extension aims to provide additional time for potential business combinations, which are crucial for investor confidence and future growth.

Positive

• Deposit of $575,000 enhances financial stability for potential business combinations.
• Extension of deadline allows for better opportunities to identify suitable acquisitions.

Negative

• The company has utilized both available three-month extensions, indicating potential challenges in securing a business combination.

Miami Beach, FL, Nov. 07, 2022 (GLOBE NEWSWIRE) -- PHP Ventures Acquisition Corp. (“PHP Ventures” or the “Company”) (Nasdaq: PPHPU), a special purpose acquisition company, today announced that it has caused to be deposited $575,000 into the Company’s Trust account for its public stockholders, representing $0.10 per public share, allowing the Company to extend the period of time it has to consummate its initial business combination by three months from November 16, 2022 to February 16, 2023 (the “Extension”). The Extension is the second of two three-month extensions permitted under the Company’s governing documents.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. 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 preliminary prospectus for the Company’s offering filed with the SEC. Copies of these documents 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.

Contacts

Marcus Choo Yeow Ngoh
PHP Ventures Acquisition Corp.
Phone: 1-916-378-4488

FAQ

What is PHP Ventures Acquisition Corp's latest press release about?

The latest press release details a $575,000 deposit into the Trust account, extending the deadline for completing a business combination to February 16, 2023.

What does the $575,000 deposit signify for PPHPU investors?

The deposit allows PHP Ventures to secure more time for potential acquisitions, which can positively impact investor confidence and future stock performance.

What is the new deadline for PHP Ventures to complete its business combination?

The new deadline for PHP Ventures to complete its business combination is February 16, 2023.

Has PHP Ventures faced challenges in its acquisition efforts?

Yes, the company has used both of its available extensions, indicating potential difficulties in securing a business combination in a timely manner.