NEW YORK--(BUSINESS WIRE)--CB Pharma Acquisition Corp. (NASDAQ:CNLM; CNLMU; CNLMR; CNLMW) announced today that it held its extraordinary general meeting of shareholders and that at such meeting, shareholders approved the previously announced proposals to (A) amend CB Pharma’s amended and restated memorandum and articles of association (the “charter”) to extend the date by which CB Pharma has to consummate a business combination (the “Extension”) to December 12, 2016, (B) to amend CB Pharma’s charter to allow the holders of ordinary shares issued in CB Pharma’s initial public offering to elect to convert their public shares into their pro rata portion of the funds held in the trust account established at the time of the IPO if the Extension was implemented and (C) to change CB Pharma’s name from “CB Pharma Acquisition Corp.” to “Origo Acquisition Corporation.” Under Cayman Islands law, the amendments to the charter took effect upon their approval. Accordingly, CB Pharma now has until December 12, 2016 to consummate an initial business combination and will operate under the name “Origo Acquisition Corporation.”
At the meeting, shareholders holding 1,054,401 public shares exercised their right to convert such public shares into a pro rata portion of the trust account. As a result, an aggregate of approximately $10,756,145 (or approximately $10.20 per share) was removed from the trust account to pay such holders.
Effective as of the approval of the Extension, (i) each of Lindsay A. Rosenwald, Michael Weiss, George Avgerinos, Adam J. Chill, Arthur A. Kornbluth and Neil Herskowitz resigned from his position as an officer and/or director of CB Pharma and (ii) Edward J. Fred and Jose M. Aldeanueva were appointed as Chief Executive Officer and President and Chief Financial Officer, Secretary and Treasurer, respectively, of CB Pharma and Edward J. Fred, Jose M. Aldeanueva, Stephen Pudles, Jeffrey J. Gutovich and Barry Rodgers became directors of CB Pharma.
Because the Extension was approved, as indicated in CB Pharma’s proxy statement relating to the meeting, the new management of CB Pharma contributed to CB Pharma as a loan $0.20 for each public share that was not converted. Accordingly, an aggregate of $629,120 was contributed to CB Pharma and deposited in the trust account. As a result, the conversion amount per share in any subsequent business combination or liquidation will be approximately $10.40 per share.
About Origo Acquisition Corporation
Origo Acquisition Corporation is a Cayman Islands exempted company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses or entities. The company’s efforts to identify target businesses is not limited to a particular industry or geographic region.
