Avanseus Holdings Pte. Ltd. executed a term sheet to acquire Fat Projects Acquisition Corp (NasdaqGM:FATP) from a group of shareholders for $93.1 million in a reverse merger transaction on June 13, 2022. Avanseus Holdings Pte. Ltd. entered into a business combination agreement to acquire Fat Projects Acquisition Corp (NasdaqGM:FATP) from a group of shareholders for $93.1 million in a reverse merger transaction on August 26, 2022. Fat Projects values the combined companies at a pro forma enterprise value of approximately $135.7 million. Upon closing of the proposed business combination, the combined company is expected to continue trading on Nasdaq under a new ticker symbol reflective of Avanseus' name. In connection with the Business Combination, Fat Projects will change its corporate name to “Avanseus Holdings Corporation”.

The transaction, which has been unanimously approved by the Boards of Directors of Avanseus and Fat Projects, is subject to approval by Fat Projects shareholders, the approval of the listing of the combined entity's shares on Nasdaq, receipt of certain regulatory approvals, and other customary closing conditions. The transaction proceeds will be used to enrich Avanseus' product portfolio. The business combination is expected to close in the first quarter of 2023. As revised, the Extension Amendment would amend the Charter to provide for up to six one-month extensions to the date by which FATP must complete its initial business combination from the current deadline of January 15, 2023 to as late as July 15, 2023. Projects Acquisition Corp has postponed the General Meeting of Shareholders scheduled to occur on January 12, 2023, until January 13, 2023. The Shareholders approved the proposal to change the structure and cost of Fat Projects Acquisition Corp.'s right to extend the date by which the Company must consummate a merger. As of April 17, 2023, Fat Projects Acquisition Corp announced today the deposit into the Company's trust account of an aggregate of $24,279.65 representing $0.05 per share for each of its 485,593 publicly held Class A ordinary shares remaining outstanding after redemptions of 4,956,145 of its Class A ordinary shares in connection with the amendment to its charter approved by its shareholders on April 14, 2023. The deposit enables the Company to extend the period of time it has to consummate its initial business combination by one month from April 15, 2023 to May 15, 2023.

Joseph Lucosky of Lucosky Brookman LLP is serving as U.S. legal counsel to Avanseus and Rachel Eng and Andrew Heng of Eng and Co. LLC is serving as its Singapore legal counsel. Andrew M. Tucker, Eric K. Graben, Wells Hall and Michael Bryan of Nelson Mullins Riley & Scarborough LLP is serving as U.S. legal counsel to Fat Projects and Pinsent Masons MPillay LLP and Harney Westwood & Riegels are serving as Fat Projects Singapore and Cayman Islands legal counsel, respectively. EF Hutton, division of Benchmark Investments, LLC, is serving as Capital Markets Advisor. E.F. Hutton & Co. Inc. acted as financial advisor, Laurel Hill Advisory Group, LLC acted as information agent and Continental Stock Transfer & Trust Company acted as transfer agent to Fat Projects Acquisition Corp. Laurel Hill will receive a fee of $13,500 for its services.