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

Rhea-AI Summary

Kairous Acquisition Corp. (NASDAQ: KACL) announced that its IPO sponsor, Kairous Asia , has deposited $50,000 into the company's trust account to extend its business combination completion period by one month. The extension moves the deadline from November 16, 2024 to December 16, 2024.

The company issued a promissory note to the sponsor for the deposited amount, which bears no interest and will convert into ordinary shares at $10.10 per share upon completion of a business combination. This extension aims to provide additional time for the company to complete its business combination.

Singapore, Nov. 15, 2024 (GLOBE NEWSWIRE) -- Kairous Acquisition Corp. Limited (NASDAQ: KACL, the “Company”), a special purpose acquisition company, announced today that Kairous Asia Limited, the Company’s initial public offering sponsor (“Sponsor”), has deposited into the Company’s trust account (the “Trust Account”) an aggregate of $50,000, in order to extend the period of time the Company has to complete a business combination for an additional one (1) month period, from November 16, 2024 to December 16, 2024. The Company issued a promissory note to Sponsor with a principal amount equal to the amount deposited. The promissory note bears no interest and will be converted into the Company’s ordinary shares at a price of $10.10 per share at the closing of a business combination by the Company. The purpose of the extension is to provide time for the Company to complete a business combination.

About Kairous Acquisition Corp. Limited

Kairous Acquisition Corp. Limited 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.

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.

Contacts

Kairous Acquisition Corp. Limited
Athiwat Apichote
ir.kairous@gmail.com

FAQ

What is the new deadline for Kairous Acquisition Corp (KACL) to complete its business combination?

The new deadline for Kairous Acquisition Corp to complete its business combination is December 16, 2024.

How much did Kairous Asia deposit to extend the business combination deadline for KACL?

Kairous Asia deposited $50,000 into the trust account to extend the deadline.

What is the conversion price of the promissory note issued by KACL to its sponsor?

The promissory note will convert into ordinary shares at $10.10 per share upon completion of a business combination.

How long is the extension period granted to KACL for completing its business combination?

The extension period granted is one month, from November 16, 2024 to December 16, 2024.