Distoken Acquisition (DIST) shares added about 2.5% in afternoon trade after the blank-check company earlier Wednesday disclosed that prospective merger partner Youlife Group entered into a subscription agreement for nearly 1.2 million of its class A ordinary shares at $10 apiece, generating more than $11.8 million in gross proceeds.
The deal is conditioned on Distoken and the Chinese vocational education and recruitment firm completing their proposed business combination announced last May, the company said Wednesday in a regulatory filing.
Distoken has scheduled an extraordinary meeting for April 30 where its shareholders are expected to vote on the merger proposal.
Price: 11.69, Change: +0.29, Percent Change: +2.54
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