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First Light Acquisition Group (NYSE:FLAG) Co-Chief Executive Officer and Chairman Bill Weber has resigned in the wake of the board’s decision to extend the SPAC’s deadline for consummating a deal to March 14.
Weber submitted his resignation on Dec. 21, effective immediately. First Light said the resignation was not the result of any disagreement with the company. Thomas Vecchiolla has been named as First Light’s sole CEO and chairman.
First Light announced on Dec. 15 that its board had extended its deadline for completing a business combination to March 14. As a result, the SPAC’s sponsor will deposit $416K in its trust account.
The SPAC held its initial public offering in September 2021, raising $230M. It moved its listing to NYSE American from NYSE in November.
Image and article originally from seekingalpha.com. Read the original article here.