Chenghe Acquisition I Co. (NASDAQ:LATG), a special purpose acquisition company, has announced an extraordinary general meeting of shareholders scheduled for Wednesday, October 23, 2024. The meeting will be held virtually, allowing shareholders to consider and vote on proposals detailed in the definitive proxy statement filed on September 30, 2024.
Key among the proposals is the Extension Amendment Proposal, which, if approved, will result in additional payments to shareholders who do not elect to redeem their shares immediately after the meeting. Specifically, the company has committed to paying $0.005 per share for the period from October 27, 2024, to January 27, 2025, and $0.025 per share for the period from January 27, 2025, to April 27, 2025. In total, the payments will amount to $0.03 per share for the first period and $0.05 per share for the second period.
Shareholders as of the record date, September 20, 2024, are eligible to vote and may still do so even if they have sold their shares since that date. The company has extended the deadline for shareholders to submit their shares for redemption in relation to the Extension Amendment Proposal to 5:00 p.m. Eastern Time on October 21, 2024. Those wishing to withdraw their redemption requests can do so before the meeting.
Chenghe Acquisition I Co., incorporated in the Cayman Islands, focuses on mergers, share exchanges, asset acquisitions, share purchases, reorganizations, or similar business combinations with one or more businesses. The company's units, consisting of one Class A ordinary share and one-half of one redeemable warrant, are listed on The Nasdaq Stock Market under the ticker symbol LATGU.
In other recent news, Chenghe Acquisition I Co. announced the rescheduling of its extraordinary general meeting of shareholders to October 23, 2024, to be held via live webcast.
The company has also extended the deadline for shareholders to submit their Class A ordinary shares for redemption related to the Extension Amendment Proposal. On the financial front, Chenghe Acquisition I Co. disclosed the issuance of a non-convertible unsecured promissory note for up to $500,000 to its sponsor, Chenghe Investment I Limited, payable upon the completion of a significant business combination.
In line with its evolution, the company reported major changes in its executive leadership. Zhiyang Zhou has transitioned to the role of President, while Yixuan Yuan and Zhaohai Wang have been appointed as the new CEO and CFO, respectively.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on Chenghe Acquisition I Co.'s financial position. The company's market capitalization stands at $83.57 million, reflecting its current valuation in the market. Notably, the stock is trading at 70.92% of its 52-week high, indicating some recent pullback from peak levels.
InvestingPro Tips highlight that the stock generally trades with low price volatility, which could be of interest to risk-averse investors considering the upcoming shareholder meeting and potential extension of the company's timeline. Additionally, the tip that the stock price often moves in the opposite direction of the market may be relevant for investors looking to diversify their portfolios.
It's worth noting that InvestingPro offers 8 additional tips for LATG, providing a more comprehensive analysis for investors interested in deeper insights. These additional tips could be particularly valuable given the upcoming extraordinary general meeting and the potential impact on shareholder value.
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