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(Alliance News) - MobilityOne Ltd on Tuesday noted that Technology & Telecommunication Acquisition Corp is seeking to extend the deadline for a planned joint venture for a second time, from July 20 this year to July 20, 2024.
MobilityOne shares fell 24% to 4.16 pence each on Tuesday morning in London.
MobilityOne, an Oxfordshire, England-based e-commerce infrastructure payment solutions and platform provider had announced the planned merger in October. Back then, its subsidiary MobilityOne Sdn Bhd entered a series of conditional agreements with Super Apps Holdings Sdn Bhd in order to establish a new joint venture to expand its e-products and services business initially in Malaysia.
The proposed merger is subject to the completion of a merger exercise between Technology & Telecommunication Acquisition Corp and Super Apps.
The merger was originally planned to close at December 31, 2022. In December, MobilityOne said that the planned merger was delayed until July 20 this year.
TETE said it will hold an extraordinary general meeting on July 18 for shareholder approval regarding the planned 1 year extension of the deadline.
By Tom Budszus, Alliance News reporter
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