Modern Media Acquisition shareholders have been asked to extend the completion deadline for the acquisition of Akazoo by two months until 17 August. This is the second time CEO Lew Dickey has asked investors for more time to complete the $469m purchase of the streaming audio company. The company had previously announced that it would close its doors on 31 December and was due to be acquired in a deal worth $600m.
Modern Media Acquisition shareholders have been asked to extend the completion deadline for the acquisition of Akazoo by two months until 17 August. This is the second time CEO Lew Dickey has asked investors for more time to complete the $469m purchase of the streaming audio company. Delays to closure have resulted in Dickey lending the company $2m from his own pocket, a figure that will rise to $4.2m if the entire two-month extension is required.