Avalon Acquisition confirms funding to extend business combination period

Avalon Acquisition announced today that The Beneficient Company Group deposited an aggregate of $2,070,000 into the Company’s trust account for the Company’s public stockholders, representing $0.10 per public share, which enables us to extend the period of time we have to consummate our initial business combination by three months from April 8, 2023 to July 8, 2022. The Second Extension is the second of up to two three-month extensions permitted under the Company’s governing documents. We also received notice from our sponsor that our sponsor intends to effect the Second Extension, and our Board of Directors approved such Second Extension. As previously announced, on September 21, 2022, the Company, BCG, Beneficient Merger Sub I, Inc., and Beneficient Merger Sub II, LLC, entered into a business combination agreement