June 10, 2026 (MLN):  LSE SPAC-I Limited's (PSX:SPAC1) board of directors has approved the initiation of a merger scheme with Ningbo Green Light Energy Limited, under which LSE SPAC-I will be merged into Ningbo Green Light Energy, making the latter the resultant listed entity.

The board passed the resolution by circulation on June 3, 2026, approving the filing of a Scheme of Compromise, Arrangement and Reconstruction under Sections 279 to 283 of the Companies Act, 2017.

The scheme is proposed between Ningbo Green Light Energy Limited and its members, and LSE SPAC-I Limited and its members, and will be filed before the Lahore High Court for sanction and approval.

The effective date of the scheme has been set as May 15, 2026, or such other date as may be approved by the court upon request of the parties.

The approved share swap ratio under the scheme stands at 1.50:1, meaning 1.50 ordinary shares of Ningbo Green Light Energy will be issued for every one ordinary share of LSE SPAC-I.

The board also approved the company's Special Purpose Audited Financial Statements for the period ended May 15, 2026.

Until the Lahore High Court sanctions the scheme, LSE SPAC-I will continue to operate as a going concern in the ordinary course of business.

The aforementioned was disseminated through a notification to Exchange.