Tenzing Acquisition Corp. Announces Extension of Deadline to Complete a Business Combination PR Newswire PR NewswireMay 21, 2020 NEW YORK, May 21, 2020 /PRNewswire/ -- Tenzing Acquisition Corp. (Nasdaq: TZACU, TZAC, TZACW) (the "Company"), a publicly-traded special purpose acquisition company, announced the vote by shareholders to extend the deadline to consummate an initial business combination from May 26, 2020 to July 27, 2020 (or September 28, 2020 if the Company has executed a definitive agreement for a business combination by July 27, 2020). Approximately 2,534,624 public shares were redeemed by existing stockholders in connection with the extension, leaving approximately $34,008,726 in cash in trust after redemptions. Our sponsor, or its designees, will contribute as a loan $0.066 for each public share that was not redeemed in connection with the extension, or $210,836.34 in the aggregate.
If the Company has executed a definitive agreement for a business combination by July 27, 2020, our sponsor, or its designees, will have the option, but no obligation, to extend such period two additional times, up to September 28, 2020, by depositing, as a loan, an additional $0.033 per public share into the trust account in connection with each such additional extension.
The Company is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The Company's efforts to identify a target business will not be limited to a particular industry or geographic region, although it intends to focus its search on target businesses that operate in India.
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