ACG Acquisition Co Ltd - special purpose acquisition company focused on new economy metals and other mining materials - Plans to seek shareholder approval to extend the deadline by which an acquisition must be completed to January 25 from October 12, by way of an amendment to its memorandum and articles. Intends to provide class A ordinary shareholders with the right to redeem all or a portion of their class A ordinary shares. Considers that the extension is appropriate in the circumstances, giving shareholders the option of participating in a potential future acquisition.

Further, secures additional equity financing in the form of subscriptions by the co-sponsors of around 1.3 million class B shares at a subscription price of $1.50 each, raising $2 million. Plans to use this financing to pay for accrued costs and operational expenses during the period of the extension and continued work on identifying a suitable acquisition.

Current stock price: $10.70

12-month change: up 7.5%

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