PHP Ventures reports 71% shareholder redemptions, extends business combination deadline to Aug 2023

PHP Ventures Acquisition Corp.

Shareholders redeemed 4,067,250 shares (71% of IPO shares) following extension approval.
Remaining trust account ~$17.46M; 1,682,760 Class A shares outstanding.
Approved extension of deadline from Feb 16 to Aug 16, 2023 at $0.0625/share/month.
Business combination with Modulex Modular Buildings Plc (UK) is ongoing.
Trust amendment also approved to align with extension timeline.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

PHP Ventures Acquisition Corp.: Amended certificate of incorporation to extend business combination deadline from February 16, 2023 to up to August 16, 2023 with monthly extensions at $0.0625 per share (effective 2022-12-30).

Change: charter amendment
Effective: 2022-12-30

Exact text from the filing

the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation giving the Company the right to extend the date by which the Company must (i) consummate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving the Company and one or more businesses (a “ Business Combination ”), (ii) cease its operations if it fails to complete such business combination, and (iii) redeem or repurchase 100% of the Company’s Class A common stock included as part of the units sold in the Company’s initial public offering that closed on August 16, 2021 (the “ IPO ”) from February 16, 2023 (the “ Termination Date ”) by up to six (6) one-month extensions to August 16, 2023 at a price of $0.0625 per share per month, commencing February 16, 2023, our current Termination Date

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

PHP Ventures Acquisition Corp. shareholders approved Trust Amendment Proposal - approve amendment to trust agreement.

Outcome: passed

Exact text from the filing

The stockholders approved an amendment to the Investment Management Trust Agreement dated August 16, 2021

View on SEC.gov

Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

PHP Ventures Acquisition Corp. shareholders approved Extension Amendment Proposal - approve amendment to extend business combination deadline.

Proposal: merger approval
Outcome: passed

Exact text from the filing

The stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to extend the date by which the Company must (i) consummate a merger

View on SEC.gov

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Source: SEC EDGAR

accession 0001493152-23-003388

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