Distoken Acquisition (DIST) shares added about 2.5% in afternoon trade after the blank-check company earlier Wednesday disclosed that prospective merger partner Youlife Group entered into a subscription agreement for nearly 1.2 million of its class A ordinary shares at $10 apiece, generating more than $11.8 million in gross proceeds.
The deal is conditioned on Distoken and the Chinese vocational education and recruitment firm completing their proposed business combination announced last May, the company said Wednesday in a regulatory filing.
Distoken has scheduled an extraordinary meeting for April 30 where its shareholders are expected to vote on the merger proposal.
Price: 11.69, Change: +0.29, Percent Change: +2.54
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.