Pontem Corporation Confirms Shareholder Approval of Extension of Deadline to Complete Initial Business Combination

SPRING, Texas, Jan. 13, 2023 /PRNewswire/ -- Pontem Corporation (NYSE:PNTM-U) (the "Company") today held an extraordinary general meeting in which shareholders approved the extension of the date by which the Company has to consummate a business combination from January 15, 2023 to July 15, 2023 or such earlier date as is determined by the Company's board of directors (the "Board") to be in the best interest of the Company (the "Extension"). In connection with the Extension, Pontem LLC and HSM-Invest have notified the company of their intention to effect a monthly deposit into the trust account established in connection with the Company's initial public offering (the "Trust Account") of $833,333 (up to $5,000,000 for six months) as a loan to the Company (each, a "Contribution") on or prior to the 15th each month during the Extension, unless the Board otherwise determines to liquidate the Company earlier. The initial Contribution was made on January 13, 2023.