Singapore SPAC Novo Tellus Alpha Acquisition still looking for buyout targets (updated)

Novo Tellus Alpha Acquisition

20/12/2023 11:28

(Adds details, background from paragraph 2)
       Dec 20 (Reuters) - Novo Tellus Alpha Acquisition
 NOVO.SI , a Singapore-based special purpose acquisition
company, said on Wednesday it was still pursuing buyout targets,
denying media reports that it was seeking to pull the plug on
its operations.
     "The activities to identify an optimal business combination
target are ongoing", but it has not entered any written, binding
acquisition agreement, the company said in a statement.    
    Singapore-listed SPACs have two years to acquire or merge
with a company, with the option for a one-year extension,
subject to certain conditions. 
    Backed by private equity firm Novo Tellus, the shell
company's deadline to acquire or merge with another business is
January 2024.
    Novo Tellus also said on Wednesday it had raised $510
million for its third private equity fund called Novo Tellus PE
Fund 3, surpassing its fundraising target by 36%.
    Earlier in the day, SPAC Pegasus Asia  PEGA.SI , backed by
alternative asset manager Tikehau Capital  TKOO.PA , said it
would not make an acquisition by a Jan. 20 deadline and would
close down.
    

 (Reporting by Himanshi Akhand and Ayushman Ojha in Bengaluru;
Editing by Shailesh Kuber and Devika Syamnath)
 ((Himanshi.Akhand@thomsonreuters.com;))