SINGAPORE, Oct. 16, 2023 (GLOBE NEWSWIRE) -- Fat Projects Acquisition Corp (NASDAQ:FATPU, FATP, FATPW)) ("FATP"), a special purpose acquisition company, announced today that on October 13, 2023, the Company deposited into its trust account an aggregate of $24,279.65 representing $0.05 per share for each of its 485,593 outstanding publicly held Class A ordinary shares. The deposit enables the Company to extend the period of time it has to consummate its initial business combination by one month from October 15, 2023 to November 15, 2023 (the "Extension"). The Extension is the seventh of up to nine one-month extensions permitted under the Company's governing documents. The funds came from a non-interest-bearing loan from an affiliate of the Company's Sponsor and co-chief executive officers.
The Extension provides the Company 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").
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 ...