SPAC Pacifico shareholders okay merger, redeem nearly 100% of stock

SPAC Pacifico shareholders okay merger, redeem nearly 100% of stock


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Pacifico Acquisition Corp. (NASDAQ:PAFO) shareholders have approved the SPAC’s planned merger with Caravelle International Group and moved to redeem 99.6% of the company’s outstanding public shares.

Pacifico said in a filing that holders of 83% of its outstanding shares voted in favor of the deal.

Based in Singapore, Caravelle is a provider of carbon-reducing technologies for the timber shipping and processing sector, including ocean drying for wood. New York-based SPAC Pacifico went public in September 2021, raising $50M.

Caravelle and Pacifico announced plans in April to merge through a deal that estimated the enterprise value of the combined company at around $527M.

Quoted from Various Sources

Published for: Ipodifier