SINGAPORE, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Fat Projects Acquisition Corp (NASDAQ:FATPU, FATP, FATPW)) ("FATP"), a special purpose acquisition company, announced that on November 9, 2023 it notified Continental Stock Transfer and Trust Company that it intends to extend the deadline to complete its initial business combination from November 15, 2023 to December 15, 2023 by depositing $24,279.65 into its Trust Account by November 15, 2023. This is the eighth of up to nine 1-month extensions that FATP is authorized to obtain under its Amended and Restated Memorandum and Articles of Association, as amended.
The extension provides FATP with additional time to complete its initial business combination (the "Business Combination") with Avanseus Holdings Pte. Ltd., a Singapore private company limited by shares ("Avanseus"). As previously reported, FATP and Avanseus entered into a Business Combination Agreement dated August 26, 2022, as amended by a First Amendment to Business Combination Agreement dated October 3, 2022, a Second Amendment to Business Combination Agreement dated February 14, 2023, and a Third Amendment to Business Combination Agreement dated July 14, 2023 (collectively, the "Business Combination Agreement"), that provides for a series of transactions, pursuant to which, among other things, Avanseus' shareholders will exchange all of their outstanding Avanseus shares in consideration for newly issued FATP Class A Ordinary Shares (the "Share Exchange"), subject to the conditions set forth in the Business Combination Agreement, with Avanseus thereby becoming a wholly owned subsidiary of FATP (the Share Exchange and the other transactions contemplated by the Business Combination Agreement, together, the "Business Combination" or the "Proposed Transaction"). In connection with the Business Combination, FATP will change its corporate name to "Avanseus Holdings Corporation" ("New Avanseus").
The seventh extension described above will provide FATP and Avanseus with additional time to complete the Business Combination.
Additional Information and Where to Find It
This press release does not contain all the information that should be considered concerning the Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. FATP filed an Amendment No. 4 to Registration Statement on Form S-4 (Commission file number 333-267741) with the SEC on May 11, 2023 (the "Registration Statement") relating to the Business Combination that includes a proxy statement of FATP and a prospectus of FATP. The Registration Statement has not been declared effective by the SEC. When available, the definitive proxy statement/prospectus and other relevant materials will be sent to all FATP shareholders as of a record date to be established for voting on the Business Combination. FATP's shareholders and other interested persons are advised to read the preliminary proxy statement/prospectus and the amendments thereto in the Registration Statement and, when available, the definitive proxy statement/prospectus and documents incorporated by reference therein filed in connection with the Business Combination, as these materials will contain important information about Avanseus, FATP and the Business Combination. FATP also will file other documents regarding the Business Combination with the SEC. Promptly after the Form S-4 is declared effective by the SEC, FATP intends to mail the definitive proxy statement/prospectus and a proxy card to each shareholder entitled to vote at the meeting relating to the approval of the business combination and other proposals set forth in the proxy statement/prospectus. Before making any voting decision, investors and securities holders of FATP are ...