Fat Projects Acquisition Corp (NASDAQ:FATPU)(NASDAQ:FATP)(NASDAQ:FATPW) ("FATP"), a special purpose acquisition company, announced today the deposit of an aggregate of $312,899.94 (representing $0.0575 per public share) into the Company's trust account, which came from cash on hand of the Company and from non-interest-bearing loans from affiliates of the Sponsor and from loans bearing 15% simple interest from non-affiliates of the Company and the Sponsor and which enables the Company to extend the period of time it has to consummate its initial business combination by one month from February 15, 2023 to March 15, 2023 (the "Extension"). The Extension is the second of up to six one-month extensions permitted under the Company's governing documents.
The Extension provides the Company with additional time to complete its initial business combination (the "Business Combination") with Avanseus Holdings Pte. Ltd., a Singapore private company limited by shares ("Avanseus"). As previously reported, FATP and Avanseus entered into a Business Combination Agreement dated August 26, 2022, as amended by a First Amendment to Business Combination Agreement dated October 3, 2022, (collectively, the "Business Combination Agreement"), that provides for a series of transactions, pursuant to which, among other things, Avanseus' shareholders will exchange all of their outstanding Avanseus shares in consideration for newly issued FATP Class A Ordinary Shares (the "Share Exchange"), subject to the conditions set forth in the Business Combination Agreement, with Avanseus thereby becoming a wholly owned subsidiary of FATP (the Share Exchange and the other transactions contemplated by the Business Combination Agreement, together, the "Business Combination" or the "Proposed Transaction"). In connection with the Business Combination, FATP will change its corporate name to "Avanseus Holdings Corporation" ("New Avanseus").