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Kernel Group Holdings, Inc (NASDAQ: KRNLU, KRNL, KRNLW), a special purpose acquisition company, has announced it will redeem all outstanding Class A ordinary shares as of August 5, 2024. The company failed to consummate an initial business combination within the required timeframe. The per-share redemption price will be approximately $10.80, with the trust account balance at about $5.5 million as of July 10, 2024. Following the redemption, the company will cease operations, liquidate, and dissolve. The company's warrants will expire worthless, and its securities will be delisted from the Nasdaq Stock Market.
AIRO Group Holdings and Kernel Group Holdings (NASDAQ: KRNL) announce the effectiveness of their proxy/registration statement, paving the way for AIRO's public listing on Nasdaq. AIRO reported impressive financial results for 2023, with revenue reaching $43M, a 153% increase year-over-year. The company's Electric Air Mobility division secured over $1.1B in eVTOL orders for its Jaunt Journey aircraft from notable operators.
AIRO's Uncrewed Air Systems division experienced extraordinary growth of 637%, generating nearly $28M in revenue during 2023, primarily from military drone equipment and services sales. The company's diversified portfolio and strong market demand position it for continued growth and expansion in the aerospace and defense sectors.
Kernel Group Holdings (NASDAQ: KRNL) and AIRO Group Holdings announced that the SEC has declared the registration statement for their proposed business combination effective. The combination will result in ParentCo becoming the holding company, with its stock and warrants to be listed on Nasdaq under the symbols 'AIRO' and 'AIROW'. An Extraordinary General Meeting for shareholder approval is scheduled for July 31, 2024. Shareholders of record as of July 10, 2024, are entitled to vote. The transaction is expected to close in early August 2024, pending shareholder approval and customary closing conditions.
Kernel Group Holdings (NASDAQ: KRNLU, KRNL, KRNLW) has announced a one-month extension for completing its initial business combination, moving the deadline from July 5, 2024, to August 5, 2024. This extension is the sixth and final one allowed by the company's governing documents.
Kernel Group Holdings, a special purpose acquisition company (SPAC) trading under NASDAQ symbols KRNLU, KRNL, and KRNLW, announced an extension of its deadline to complete its initial business combination. This extension moves the deadline from June 5, 2024, to July 5, 2024, and is the fifth of six allowed under its governing documents.
The extension provides KRNL with additional time to finalize negotiations and due diligence for a potential merger or acquisition. No target company or business has been mentioned in this announcement.
KRNL emphasizes the importance of this move to ensure the selection of a suitable partner. Shareholders and potential investors should note this extension as a strategic step toward achieving a successful business combination.
Kernel Group Holdings, Inc. (NASDAQ: KRNL) has extended the period to consummate its initial business combination to June 5, 2024, marking the fourth out of six permitted extensions. The Company is a special purpose acquisition company.
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