Avalon Acquisition Inc. Confirms Funding to Extend Period to Consummate Initial Business Combination

SAN FRANCISCO, Jan. 05, 2023 (GLOBE NEWSWIRE) -- Avalon Acquisition Inc. (the “Company,” “we” or “our”), a special purpose acquisition company, announced today that The Beneficient Company Group, L.P. (“BCG”) deposited an aggregate of $2,070,000 into the Company’s trust account for the Company’s public stockholders, representing $0.10 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, 2023 to April 8, 2023 (the “Extension”). 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.

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