DoubleDragon Corporation has until July 23, 2025 to push through with the merger of Hotel101 Global Pte. Ltd. JVSPAC Acquisition Corporation, which will result in its $2.3 billion listing on the NASDAQ.
While the listing is targeted for the first half of 2025, Hotel 101 Global has already paid JVSPAC for more time to push through with the merger and will need to pay again for another extension later this month.
In a regulatory filing, JVSPAC said, “On Jan. 8, 2025, we received $2,000,000 from Hotel101 Global. Using the funds received from Hotel 101 Global, we deposited $575,000 into the Trust Account on January 13, 2025, extending the time available to consummate a Business Combination for an additional three (3) months, from Jan. 23, 2025 to April 23, 2025.”
It added that, “The Company can extend for an additional three months with an additional deposit into the Trust Account in the amount of $575,000 ($0.10 per share) on or prior to April 23, 2025.”
However, it noted that, “There is no assurance that the Company will complete its initial Business Combination.”
A stock analyst pointed out that “After this (extension until July 23, 2025), there doesn't seem to be another provision for further extensions...
“The make or break deadline, therefore, will likely be July 23 since P33 million is a relatively small amount.”
DoubleDragon said a year ago that the merger was expected to close in the second half of 2024. The company did not respond to an email requesting an update on this planned transaction.
Last February, DoubleDragon announced that Hotel101-Global, has officially filed and submitted its F-4 Registration Statement which marks a significant step forward as it moves closer towards its upcoming $2.3 billion (P130 billion) U.S. NASDAQ listing.
The firm said this follows months of rigorous preparation and compliance with the U.S. Securities and Exchange Commission (SEC) and NASDAQ’s registration and listing requirements.
With this milestone, DoubleDragon said it is on track to make history as the first-ever Filipino company to have a subsidiary, Hotel101-Global, listed and traded on the U.S. NASDAQ stock exchange under the ticker symbol HBNB.
DoubleDragon said in April 2024 that Hotel101 and its affiliates have entered into a binding definitive merger agreement with JVSPAC.
Upon completion of the business combination transaction, the combined entity is expected to be publicly listed on the US NASDAQ.
Hotel101 is a hotel prop-tech operator pioneering a globally standardized, asset-light “condotel” business model.