NEW YORK, Aug. 13, 2020 /PRNewswire/ -- AGBA
Acquisition Limited (NASDAQ: AGBA, the "Company"), a special
purpose acquisition company, announced today that AGBA Holding
Limited, the Company's initial public offering sponsor ("Sponsor"),
has deposited into the Company's trust account (the "Trust
Account") an aggregate of $460,000
(representing approximately $0.10 per
share of common stock), in order to extend the period of time the
Company has to complete a business combination for an additional
three (3) months period, from August 16,
2020 to November 16, 2020. The
Company issued a promissory note to Sponsor with a principal amount
equal to the amount deposited. The promissory note bears no
interest and is convertible into the Company's units (with each
unit consisting of one ordinary share, one warrant to purchase
one-half of one ordinary share, and one right to receive one-tenth
of one ordinary share upon the consummation of the Company's
initial business combination) at a price of $10.00 per unit 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 AGBA Acquisition Limited
AGBA Acquisition Limited is a British
Virgin Islands company incorporated as a blank check company
for the purpose of entering into a merger, share exchange, asset
acquisition, share purchase, recapitalization, reorganization or
similar business combination with one or more businesses or
entities. The Company's efforts to identify a prospective target
business will not be limited to a particular industry or geographic
region, although the Company intends to focus on operating
businesses in the healthcare, education, entertainment and
financial services sectors that have their principal operations in
China.
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.
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SOURCE AGBA Acquisition Limited