PHP Ventures Acquisition Corp. (the "Company") (NASDAQ:PPHP, PPHPR, PPHPU, PPHPW))))), a special purpose acquisition company, today announced that it has postponed the Special Meeting of Shareholders scheduled to occur on December 28, 2022 (the "Special Meeting") until December 30, 2022. On December 15, 2022, the Company filed a Definitive Proxy Statement on Schedule 14A (the "Proxy Statement") and a Revised Definitive Proxy Statement with the Securities and Exchange Commission (the "SEC") with respect to the Special Meeting to vote on, among other things, a proposal to amend the Company's Amended and Restated Certificate of Incorporation (the "Charter") to extend the date by which the Company must consummate a business combination (the "Extension") from February 16, 2023 to August 16, 2023 (the "Extension Proposal"). The purpose of the Extension is to allow the Company more time to complete its previously announced business combination by and among the Company, Modulex Modular Buildings Plc, a company registered in England and Wales with company number 0729166 (the "Target"), and Modulex Merger Sub, Cayman Islands exempted company and wholly-owned subsidiary of the Target ("Merger Sub"), (together with the Company, Merger Sub, and the Target, the "Parties"). In order to support this Extension Proposal, the Company, and Global Link Investment LLC, the Company's Sponsor, have agreed that, if the Extension Proposal is approved, the Sponsor (or its affiliates or permitted designees) will deposit into the Trust Account $ 0.0625 per share that is not redeemed for each such one-month extension until August 16, 2023 unless the closing of the Company's initial business combination shall have occurred prior to such date (the "Extension Payment") in exchange for a non-interest bearing, unsecured promissory note payable upon consummation of a business combination.
On December 27, 2022, the Company announced that it had received redemption notices for 4,464,250 shares of its Class A Common Stock from its stockholders. Accordingly, the Company is postponing the previously scheduled meeting until 2:00 p.m. on Friday, December 30, 2022, to solicit investors to reverse their redemption notices.
Business Combination
On December 6, 2022, PHP Ventures entered into a definitive business combination agreement pursuant to which it would merge with and into Merger Sub, with Merger Sub continuing as the surviving entity. Upon the closing of the business combination, which is expected in the second quarter of 2023, the combined company expects to remain listed on Nasdaq under the ticker symbol "MDLX".