Pegasus Asia announced that it expects to receive SGD 8.075 million in funding from Poseidon Asia Financial Sponsor SAS, Bellerophon Financial Sponsor 3 SAS and other investors
Up to 50% of the class B shares, amounting to up to 4,250,000 shares, will be converted into class A ordinary shares on a one-for-one basis upon completion of a business combination, up to 25% of the class B shares, amounting to up to 2,125,000 shares, will be converted into class A ordinary shares on a one-for-one basis, if after the business combination completion date, the closing price of the class A shares equals or exceeds SGD 5.75 per share for any 20 trading days within a 30 consecutive-trading day period, and up to 25% of the class B shares, amounting to up to 2,125,000 shares will be converted into class A shares on a one-for-one basis, if after the business combination completion date, the closing price of the class A shares equals or exceeds SGD 6.50 per share for any 20 trading days within a 30 consecutive-trading day period. All securities to be issued in the transaction will be subject to certain lock-up arrangements. The transaction is expected to close on or before January 21, 2022, concurrently with the closing of its IPO.