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

Rhea-AI Summary

Aquaron Acquisition Corp. (NASDAQ: AQU), a special purpose acquisition company, has announced an extension to its business combination deadline. HUTURE has deposited $20,000 into the Company's trust account, extending the completion period by one month, from September 6, 2024, to October 6, 2024.

In exchange for this contribution, Aquaron issued a promissory note to Huture with the following terms:

• Principal amount equal to the deposited sum
• No interest
• Convertible into Aquaron's common stock at $10.00 per unit
• Each unit consists of one common share and one right to receive 1/5 of a share

This extension aims to provide Aquaron with additional time to complete its business combination, demonstrating the company's commitment to finding a suitable merger target.

NEW YORK, Sept. 5, 2024 /PRNewswire/ -- Aquaron Acquisition Corp. (NASDAQ: AQU, the "Company"), a special purpose acquisition company, announced today that HUTURE Ltd. ("Huture") has deposited into the Company's trust account (the "Trust Account") an aggregate of $20,000, in order to extend the period of time the Company has to complete a business combination for one additional month, from September 6, 2024 to October 6, 2024. The Company issued a promissory note to Huture with a principal amount equal to the amount deposited. The promissory note bears no interest and is convertible into the Company's shares of common stock at a price of $10.00 per unit (each unit is consisted of one share of common stock and one right to receive one-fifth (1/5) of a share of common stock) at the closing of a business combination by the Company. The purpose of the extension is to provide more time for the Company to complete a business combination.

About Aquaron Acquisition Corp.

Aquaron Acquisition Corp. is a Delaware corporation incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company's efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although it intends to focus on operating businesses in the new energy sector. The Company affirmatively excludes as an initial business combination target any company of which financial statements are audited by an accounting firm that the United States Public Company Accounting Oversight Board is unable to inspect for two consecutive years beginning in 2021 and any target company with China operations consolidated through a VIE structure.

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.

View original content:https://www.prnewswire.com/news-releases/aquaron-acquisition-corp-announces-additional-contribution-to-trust-account-to-extend-period-to-consummate-business-combination-302238878.html

SOURCE Aquaron Acquisition Corp.

FAQ

How much did HUTURE deposit to extend Aquaron Acquisition Corp.'s (AQU) business combination deadline?

HUTURE deposited $20,000 into Aquaron Acquisition Corp.'s (AQU) trust account to extend the business combination deadline.

What is the new deadline for Aquaron Acquisition Corp. (AQU) to complete its business combination?

The new deadline for Aquaron Acquisition Corp. (AQU) to complete its business combination is October 6, 2024.

What are the terms of the promissory note issued by Aquaron Acquisition Corp. (AQU) to HUTURE ?

The promissory note bears no interest and is convertible into Aquaron's common stock at $10.00 per unit at the closing of a business combination.

How long of an extension did Aquaron Acquisition Corp. (AQU) receive for its business combination deadline?

Aquaron Acquisition Corp. (AQU) received a one-month extension for its business combination deadline.

What is the purpose of Aquaron Acquisition Corp.'s (AQU) deadline extension?

The purpose of the extension is to provide Aquaron Acquisition Corp. (AQU) with more time to complete a business combination.