Evergreen Corporation (EVGR) Adjourns Extension Vote

Evergreen (NASDAQ:EVGR) announced that it adjourned its extension vote this morning without conducting any business, but it will make another run at it tomorrow.

Proceedings will recommence at 11 am ET, May 10 and shareholders will have more time to change their votes. Investors are considering allowing Evergreen to extend its transaction deadline from May 11 in one-month increments for up to 12 months.

For each month, Evergreen’s sponsor has agreed to contribute to its trust the lesser of $160,000 or $0.055 per share. Also on the ballot are proposals to allow the sponsor to convert Class B shares into Class A shares before closing a deal and also for it to take measures to prevent the SPAC from being classified as a penny stock.

Evergreen raised $116.7 million in its February 2022 IPO and has not yet announced a business combination with a target company. It initially sought to combine with a Southeast Asian company valued at $100 million to $500 million in AI, fintech or other sectors within the changing digital economy.