Arogo Capital Acquisition Corp. Announces Funding Extension for EON Reality Merger: A New Reality is Coming
New York, July 31, 2023 – In an exciting twist to the Arogo Capital Acquisition Corp. merger saga, the company announced a critical funding extension. This crucial decision paves the way for an exciting new chapter in augmented and virtual reality (AR/VR) development.
The Extension Payment
In an official statement, Arogo confirmed that it deposited $191,666, representing $0.0378 per public share, into the Company’s Trust account for its public stockholders. This “Extension Payment” effectively extends the timeframe for the Arogo Capital Acquisition Corp. merger with EON Reality by one month, from July 29, 2023, to August 29, 2023.
Arogo has been using these extensions judiciously. As per their governance documents, this is the fifth extension out of a possible nine that they can use.
The Merger Agreement
The proposed business combination began on April 25, 2022, when Arogo entered into a Merger Agreement with EON Reality and others. The agreement stipulates that, at the closing, Arogo will change its name to EON Reality Holdings, Inc. and EON Reality will become a wholly-owned, privately-held subsidiary of Arogo.
Arogo Capital Acquisition Corp.
Arogo is a blank check company focusing on mergers, asset acquisitions, and similar business combinations. Since its establishment on June 9, 2021, Arogo has been facilitating ambitious combinations with potential partners.
EON Reality
EON Reality, a reputed creator of the Knowledge Metaverse, has been leading the AR/VR industry with its innovative solutions. With over 20 years of existence, the company has developed and launched EON-XR, a platform that brings code-free XR content creation to various devices. It’s worth mentioning that EON Reality’s global network comprises more than 1.8 million licenses and has created the world’s leading XR library for education and industry.
Arogo Capital Srengthens Position in the AR Market
The Arogo Capital Acquisition Corp. merger with EON Reality promises to bring about substantial changes in the AR/VR landscape. As the merger’s date draws closer, the anticipation builds up.
As always, we encourage our readers to share their thoughts and perspectives on this development. Let us know in the comments below!
