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Why Is Pacifico Acquisition (PAFO) Stock Price Up This Session?

As the publicly listed special purpose acquisition firm announced the approval of a business combination, shares of Pacifico Acquisition Corp. (Nasdaq: PAFO) were surging 45.90% to trade at $7.30 in the current market at the last check.

Which PAFO business combination has received approval?

The shareholders of Pacifico Acquisition (PAFO) approved the planned merger of the company with Caravelle Group Co., Ltd., the company said today. A total of 6,194,813 ordinary shares, or 82.65% of the issued and outstanding ordinary shares of PAFO as on October 17, 2022, the record date of the extraordinary general meeting, were represented at the special meeting of shareholders on November 30, 2022, either in person or by proxy.

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The business combination was approved by holders of 6,155,465 ordinary shares, or 82.13% of the votes cast at the meeting. Public investors of Pacifico Acquisition have the option to redeem all or a portion of their ordinary shares at a price per share determined in line with its bylaws. 99.56% of PAFO’s outstanding public shares, or 5,724,921 ordinary shares, are held by the company’s duly elected public shareholders, who possess 5,724,921 of those shares.

The ordinary shares of Caravelle International Group, the combined company, are scheduled to start trading on Nasdaq under the new ticker symbol “CACO,” following the completion of the business combination, which PAFO anticipates will take place as soon as is reasonably possible if and when all closing conditions are satisfied or waived.

Caravelle made a primary deposit of $575,000 in September, which was equivalent to around $0.10 per share of common stock at the time, into the trust account of PAFO. The payment was made to add an extra three (3) months to the time Pacifico Acquisition had given to finalize a corporate combination, from September 16, 2022, to December 16, 2022.

What benefits will the combination provide for PAFO?

Leading ocean technology company Caravelle offers carbon-neutral alternatives to the traditional shipping and wood sectors. With the integration of its traditional shipping services and the recently launched CO-Tech business, Caravelle will assist Pacifico Acquisition (PAFO) in transforming ocean-based shipping. Caravelle boasts a seasoned, entrepreneurial team with extensive experience in the international shipping and timber industries.

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