SPAC Avalon confirms funding to extend Beneficient combination

Avalon Acquisition a special purpose acquisition company, announced t hat The Beneficient Company Group, deposited an aggregate of $2,070,000 into the Company’s trust account for the Company’s public stockholders, representing 10c per public share, which enables us to extend the period of time we have to consummate our initial business combination by three months from January 8 to April 8. The Extension is the first 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 Extension, and our Board of Directors approved such Extension. As previously announced, on September 21, the Company, BCG, Beneficient Merger Sub and Beneficient Merger Sub I , entered into a business combination agreement.