Cartesian Growth Co. II Extends Period to Consummate Business Combination

Cartesian Growth Co. II (NASDAQ:RENEU) has recently made significant financial moves involving the extension of its period to consummate its initial business combination. The company issued an unsecured promissory note and deposit towards this extension, in accordance with a form 8-K filing with the Securities and Exchange Commission (SEC) dated November 6, 2024.

On November 6, 2024, Cartesian Growth Corporation II issued an unsecured promissory note worth up to $2,400,000, known as the Extension Note, to CGC II Sponsor LLC. This was in connection with the Extension Payments, allowing the company to extend the period for completing its business combination by one month, from November 10, 2024, to December 5, 2025. The Extension is the first of twelve one-month extensions permitted under the Company’s Charter.

The Extension Note carries no interest, with the principal balance due upon the consummation of the business combination. It is subject to customary events of default, which if triggered, would lead to the immediate repayment of the outstanding balance. Additionally, the principal can be prepaid at any time. A copy of the Extension Note can be found in Exhibit 10.1 of the Form 8-K filing.

Furthermore, on the same date, Cartesian Growth Co. II issued an unsecured promissory note for $250,000, termed the Working Capital Note, to the Sponsor. This note, which does not accrue interest, will be due upon the completion of the business combination or the effective winding up of the company. In case of consummation, the Sponsor has the option to convert a portion of the outstanding principal into warrants.

The company’s shareholders approved an amendment to the Charter on November 6, 2024, which came into effect upon their approval. Additionally, an extraordinary general meeting of shareholders was held, where various proposals were voted upon. Shareholders approved proposals related to extending the business combination date and amending the net tangible assets requirement.

In connection with the Extension approval, shareholders redeemed approximately 8,620,849 shares of Class A ordinary shares for a redemption price of around $11.55 per share, totaling $99,613,642.00 million. This left a balance of $83,770,196.61 million in the Trust Account.

The company’s Form 8-K filing disclosed all necessary information related to these significant financial transactions, as noted above. Investors and stakeholders are anticipated to closely monitor Cartesian Growth Co. II’s activities in the coming period as it moves towards the consummation of its initial business combination.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Cartesian Growth Co. II’s 8K filing here.

About Cartesian Growth Co. II

Cartesian Growth Corporation II does not have significant operations. It focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or other similar business combination with one or more businesses or entities. The company was incorporated in 2021 and is based in New York, New York.