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Fat Projects Acquisition Corp (NASDAQ:FATPU, FATP, FATPW) announced shareholder approval for amendments to its charter and trust agreement, allowing it to extend its deadline for business combinations from January 15, 2023, to February 15, 2023. This extension comes at a cost of $312,899.94 deposited into its trust account. Following shareholder redemptions totaling approximately $61.57 million, FATP retains about $55.30 million in its trust account. The amendments also facilitate a proposed business combination with Avanseus Holdings, set to change FATP's corporate name to Avanseus Holdings Corporation.
Fat Projects Acquisition Corp (Nasdaq: FATP, FATPU, FATPW) has postponed its General Meeting of Shareholders from January 12 to January 13, 2023, to gather additional shareholder redemptions. The meeting will discuss proposals to extend the deadline for business combination completion with Avanseus Holdings Pte. Ltd. from January 15 to July 15, 2023. Additionally, the redemption price per share has been reduced from $0.0625 to $0.0575, allowing for six 1-month Extensions instead of two 3-month Extensions. As of January 10, 2023, 6,557,887 shares had been redeemed.
Fat Projects Acquisition Corp (NASDAQ:FATPU, FATP, FATPW) has revised the Extension Amendment regarding its business combination with Avanseus Holdings. The amendment extends the deadline for completing the business combination from January 15, 2023, to as late as July 15, 2023, with an increased deposit of $0.0625 per outstanding Class A Ordinary Share for each month extended. This decision will be discussed at the General Meeting of Shareholders on January 12, 2023.
Avanseus Holdings is entering a business combination with Fat Projects Acquisition Corp (NASDAQ:FATPW, FATP, FATPU) to enhance its enterprise solutions powered by AI and analytics. The transaction values the combined company at approximately US$135.7 million. Proceeds will support product development and market expansion into sectors like data centers and manufacturing. The agreement allows for additional private offerings to finance the deal. Both companies' boards have unanimously approved the transaction, which is pending shareholder and regulatory approval.
Fat Projects Acquisition Corp (NASDAQ:FATP) received a deficiency letter from Nasdaq on April 19, 2022, indicating non-compliance with Listing Rule 5250(c)(1) due to the late filing of its Form 10-K. The company struggled to submit the report for the fiscal year ending December 31, 2021, by the March 31, 2022 deadline. After filing the 10-K on April 28, 2022, Fat Projects received confirmation from Nasdaq on April 29 that it had regained compliance with the listing requirements.
Fat Projects Acquisition Corp announced a delay in filing its Annual Report on Form 10-K for the year ended December 31, 2021, originally due on April 15, 2022. The company filed a Notification of Late Filing on Form 12b-25, citing the need for additional time to finalize its audited financial statements due to material weaknesses in financial controls. The company expects to file the Form 10-K by April 29, 2022. The issues identified relate to payments made to an affiliate of its Sponsor during its IPO process.