Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 115

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 115
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 SPAC has to consummate a Business Combination. As a result, the Termination Date could be extended on a monthly basis, for up to fifteen times, from June 14, 2024 (the date which was 27 months from the closing date of the SPAC’s IPO) until no later than September 14, 2025 (the date which would be 42 months from the closing date of the SPAC’s IPO), unless the closing of a Business Combination occurred prior to such date. For each monthly extension, the SPAC was required to deposit, in the amount equivalent to the lesser of (i) $75,000 and (ii) $0.015 for each Class A ordinary share then outstanding. After the 2024 Extraordinary General Meeting, shareholders holding an aggregate of 12,339,057 of the SPAC’s Class A ordinary shares exercised their right to redeem their shares at approximately $11.45 per share or $141,300,945. Following such redemptions, 4,541,424 Class A ordinary shares of the SPAC remained outstanding and subject to redemption and the Trust Account had a remainder balance of approximately $52 million immediately following the withdrawal for Class A ordinary shares redemptions. The SPAC Sponsor intends to continue to deposit the requisite amount (approximately $68,000) each month until the earlier of the completion of a Business Combination or its liquidation date.

  Patria Investments Limited      69  

  Table of Contents  

On March 10, 2025, the SPAC received a written notice from the Listing Qualifications Department of the Nasdaq Stock Market indicating that the SPAC’s securities would be delisted from the Nasdaq Global Market at the opening of business on March 17, 2025 as it did not complete a business combination within 36 months of the effectiveness of its IPO registration statement. As consequence of the delisting from Nasdaq, the board of directors is actively evaluating alternatives, including the potential for relisting the SPAC’s securities on the OTCQB Market. The board is currently assessing the applicable eligibility requirements, disclosure obligations, and timing considerations associated with such a transition, with the objective of maintaining trading liquidity and preserving shareholder value.

Agreement to Acquire VBI Real Estate

On June 9, 2022, we announced an agreement to acquire VBI Real Estate Gestão de Carteiras S. A. (“ VBI Real Estate” or “ VBI”) one of the leading independent alternative real estate