Blank-check company Arogo Capital Acquisition has announced an extension to the period of time it has to complete its initial business combination. The extension grants them an additional month, now set to conclude on August 29.
As part of this update, Arogo reported that $191,666 has been deposited into their trust account for public stockholders.
This extension marks the fifth out of nine allowed extensions according to Arogo’s governing documents.
In April of last year, Arogo entered into a business combination agreement with EON Reality, a leading provider of augmented and virtual reality academic and industry training solutions, among other services. Once this deal is finalized, the newly merged company is expected to trade publicly on the Nasdaq.
Last September, Arogo filed for an initial public offering (IPO) of $100 million. During that time, the company expressed its intention to focus on acquiring a business related to electric vehicle technology, smart mobility, sustainable transportation, or any other related business ecosystem within the Asia Pacific region.
However, since then, the planned IPO size has been lowered to $90 million.