BGP Acquisition Corp. Announces Approval Of Extension Of Permitted Timeline

BGP Acquisition Corp. BGPPF BGPAF BGP BGP , a special purpose acquisition company which has entered into a definitive agreement to combine with Craft 1861 Global, Inc., a U.S.-based health and wellness company within the cannabinoid space, is updating the progress of the business combination.

To facilitate the closing of the business combination, the holders of BGP's class A restricted voting shares have approved an extension of BGP's permitted timeline to complete a qualifying transaction to February 28, 2023 by the affirmative vote of 100% of the votes at the special meeting of shareholders to approve the extension. The extension will become effective upon approval of BGP's board of directors, which is expected to occur in the coming days.

In connection with meeting, BGP provided shareholders with the opportunity to deposit their class A restricted voting shares for redemption. Approximately 327,495 class A restricted voting shares were deposited for redemption in connection with the extension. BGP expects that each class A restricted voting shares that was deposited for redemption in connection with the extension will be redeemed for $10.04.

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