Hong Kong’s special purpose acquisition company (SPAC) program hasn’t exactly been a beehive of activity since its launch three years ago, with only five such listings as of last August. But that handful of listed SPACs are providing some drama nonetheless, as they race against the clock to complete their mergers with real-world companies within a three-year deadline that is fast approaching for many.

As the city’s first SPAC to list in March 2022, Aquila Acquisition Corp. (7836.HK) is in just such a race as its three-year deadline looms next month. Last week it announced a timetable for its previously disclosed merger that, if it happens on schedule, will see its publicly listed shell taken over by steel trader ZG Group (2572.HK) just days before the deadline.

Under terms of the final deal, eight investors have agreed to buy 53.6 million ZG Group shares once the deal closes for HK$10 per share, raising HK$536 million ($69 million), according to one in a series of filings by Aquila on Feb 5. Aquila also raised HK$1 billion at the time of its listing, meaning ZG should receive nearly $200 million in new money from the deal through the combination of new fundraising with money already in Aquila’s coffers.