Latest Current Report
Filed: 2026-04-27
Key Insights
- CHARU secured a 3-month business combination deadline extension to July 25, 2026 by obtaining a $850,000 deposit from sponsor ST Sponsor II Limited, indicating the company is still actively pursuing a merger target but has not yet completed the initial business combination.
- The company has now utilized one of two available extensions (each worth $850,000), leaving one final 3-month extension option available before the 24-month SPAC lifecycle would require liquidation, creating urgency for deal closure.
- Two unsecured promissory notes were issued totaling up to $1.35 million ($850,000 extension note + $500,000 working capital note) to the sponsor, both bearing no interest except default rates, with repayment tied to business combination completion or liquidation.
- The sponsor has already advanced approximately $263,681.50 in working capital loans to the company, demonstrating continued financial commitment but also indicating the SPAC may be consuming capital without completed operations.