Bukit Jalil Global Acquisition 1 Extends Business Combination Deadline with Monthly Extension Payment

On December 26, 2024, Bukit Jalil Global Acquisition 1 Ltd. (NASDAQ: BUJAU) made a crucial move to extend the period available for its initial business combination. The company, incorporated in the Cayman Islands, had set a deadline of June 30, 2024, to finalize its business combination. However, it now has the option to prolong this deadline up to June 30, 2025, with monthly extensions.

In a recent 8-K filing with the Securities and Exchange Commission (SEC), Bukit Jalil Global Acquisition 1 Ltd. disclosed that it has deposited $100,000 as a Monthly Extension Payment into its Trust Account for public shareholders. This deposit enables the company to extend the business combination deadline by one month, from December 30, 2024, to January 30, 2025. This extension, known as the seventh of the twelve Monthly Extensions permitted under the company’s Charter, offers additional flexibility in their pursuit of strategic opportunities.

As part of this arrangement, on the same date, the company issued an unsecured promissory note worth $100,000 to Bukit Jalil Global Investment Ltd., its sponsor. The note, which bears no interest, becomes payable in full upon the completion of the business combination or the specific Maturity Date. Conditions for default include failure to pay within a prescribed timeframe, bankruptcy actions, breaches of obligations, cross-defaults, enforcement proceedings, or any unlawfulness in fulfilling obligations.

The Sponsor has been granted the right, though not the obligation, to convert the Note, either wholly or partially, into private units of the company known as “Units.” Each Unit comprises an ordinary share, one-half of a warrant, and a right to obtain one-tenth of an Ordinary Share post the business combination’s completion. The conversion process requires a written notice of intent at least two business days before culmination, with the number of Units determined by dividing the outstanding principal amount by $10.00.

This issuance of the Note falls under the exemption from registration outlined in Section 4(a)(2) of the Securities Act of 1933. A detailed copy of the Note is available as Exhibit 10.1 in the Form 8-K filing. Furthermore, provisions in this agreement restrict the transfer or sale of Units (and underlying securities) by the Sponsor until the completion of the business combination and grant specific registration rights.

For further details regarding this development, interested parties can refer to the Form 8-K filed with the SEC, including the exhibit showcasing the Promissory Note and related information.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Bukit Jalil Global Acquisition 1’s 8K filing here.

Bukit Jalil Global Acquisition 1 Company Profile

Bukit Jalil Global Acquisition 1 Ltd operates a blank check company that intends to effect into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses or entities. The company was incorporated in 2022 and is based in Kuala Lumpur, Malaysia.