Papaya Growth Opportunity Corp. I Class A (PPYA) has released an update.
Papaya Growth Opportunity Corp. I stockholders have approved an extension of the company’s period to complete a business combination until January 19, 2025, with the option to extend monthly by contributing funds to their trust account. Additionally, they’ve agreed to a non-interest-bearing promissory note with their sponsor, allowing a loan of up to $1.2 million to be repaid on the business combination’s completion or forgiven if not repaid. The sponsor also converted all Class B common stock to Class A shares, with no entitlement to trust account funds post-conversion.
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