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Fintech Ecosystem Development Corp. (FEXD) is a special-purpose acquisition company (SPAC) focused on effecting one or more business combinations within the financial technology sector. Formed with the intent to capitalize on opportunities in fintech, the company aims to identify and merge with high-potential businesses that can disrupt and enhance the financial services industry.
The company is sponsored by Revofast LLC and led by a seasoned management team, including Chief Executive Officer, President, and founder Dr. Saiful Khandaker, along with a group of experts in fintech business and technology. The team is driven by a commitment to innovation and growth within the rapidly evolving fintech landscape.
Fintech Ecosystem Development Corp. has recently taken significant steps to ensure the successful completion of its mission. The board of directors has approved a series of potential one-month extensions to the Deadline Date, extending it to up to April 21, 2024. This flexibility allows the company ample time to thoroughly evaluate and select the most promising business combinations. As of July 24, 2023, the company announced the fourth of these extensions, facilitated by a $110,000 deposit from Revofast LLC.
The company's strategy involves leveraging its management's deep industry knowledge and extensive network to identify suitable acquisition targets. By combining with innovative fintech businesses, FEXD aims to create value for its shareholders and contribute to advancements in financial services.
Recent Achievements and Current Projects:
- Extension of the Deadline Date for the consummation of an initial business combination to ensure thorough evaluation of potential targets.
- Continuous market research and due diligence to identify high-growth fintech companies.
- Active engagement with industry leaders and potential partners to explore synergistic opportunities.
Financial Condition:
Fintech Ecosystem Development Corp. maintains a solid financial foundation, supported by its trust account and backing from Revofast LLC. The company's fiscal prudence ensures that it remains well-positioned to capitalize on merger opportunities that align with its strategic vision.
Overall, FEXD is committed to fostering innovation within the fintech sector by merging with companies that exhibit strong growth potential, thereby delivering value to shareholders and shaping the future of financial services.
Fintech Ecosystem Development Corp. (NASDAQ:FEXD) has announced the adjournment of its special meeting of stockholders, originally set for April 12, 2023, to April 20, 2023. The meeting is focused on voting the Extension Proposal, which seeks to extend the deadline for completing its initial business combination. Stockholders have until April 18, 2023, to either redeem their shares for a pro rata portion of funds in the trust account or withdraw any redemption requests. The amendment to the proposal alters the contribution from the sponsor, Revofast LLC, from $0.055 per non-redeemed share to a maximum aggregate of $110,000. This change may result in stockholders receiving less per share if the Extension is approved. The amendment and additional details will be presented at the adjourned meeting.
Fintech Ecosystem Development Corp. (NASDAQ:FEXD) announced a deposit of $1,150,000 into its trust account, extending its deadline to complete a business combination from January 21, 2023, to April 21, 2023. This extension allows FEXD more time to finalize its merger with Rana Financial Inc. and Mobitech International LLC. Rana Financial provides online money transfer services primarily to Latin America, boasting 30,000 active users and 200,000 transactions in 2021. Mobitech operates a digital lending platform in India, facilitating loan access for millions, with over 2 million registered users. This strategic move positions FEXD to enhance its fintech operations.
Fintech Ecosystem Development Corp. (Nasdaq:FEXD) has extended its deadline to complete a business combination with Rana Financial and Mobitech International from January 21, 2023, to April 21, 2023. This extension, allowed under FEXD's Amended and Restated Certificate of Incorporation, aims to give the company more time to finalize its proposed merger. In support of this extension, FEXD's sponsor, Revofast LLC, plans to deposit $1,150,000 into FEXD's trust account by January 21, 2023. Rana Financial offers money transfer services between the U.S. and Latin America, while Mobitech International provides an AI-enabled digital lending platform in India.
Fintech Ecosystem Development Corp. (NASDAQ:FEXD) announced a $1,150,000 deposit into its trust account, extending the deadline for its business combination with Rana Financial Inc. and Mobitech International LLC (Afinoz) from October 21, 2022, to January 21, 2023. Rana, a licensed money transfer company, serves 30,000 active users in the U.S., while Afinoz is a digital lending platform in India, assisting over two million users. This extension provides FEXD crucial time to finalize its merger with these fintech companies.
Fintech Ecosystem Development Corp. (NASDAQ:FEXD) announced an extension of the deadline to complete its business combination with Rana Financial and Mobitech International from October 21, 2022, to January 21, 2023. This decision was made by the board of directors and is supported by a $1,150,000 deposit from the company’s sponsor, Revofast LLC. Rana Financial specializes in money transfers between the U.S. and Latin America, while Mobitech International provides AI-enabled digital lending services in India. The extension aims to provide additional time for regulatory approvals and the completion of the merger.
Fintech Ecosystem Development Corp. (FEXD) has announced definitive agreements to merge with Rana Financial and acquire Mobitech International LLC (Afinoz). The deal values Rana at $78 million and Afinoz at $120 million. The combined entity aims to leverage technologies like blockchain and AI to enhance financial services across the U.S., Mexico, Brazil, and India, with an expansion vision for Asia and Latin America. The transactions are expected to close in Q1 2023, pending stockholder and regulatory approvals, while maintaining FEXD's NASDAQ listing.
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