INFINT Acquisition Corporation Announces Cancellation of Extraordinary General Meeting

Rhea-AI Summary

INFINT Acquisition Corporation (NYSE: IFIN) has cancelled its extraordinary general meeting scheduled for November 22, 2022, and retracted proposals from its November 2, 2022, Definitive Proxy Statement. Notably, Seamless Group Inc. will deposit $2,999,982 into the Company’s trust account on the same date to extend the deadline for a business combination from November 23, 2022, to February 23, 2023. This strategic move indicates INFINT's commitment to securing a merger with a promising fintech entity, reflecting their focus on future growth in the rapidly evolving digital landscape.

Positive

• Seamless Group Inc. is investing $2,999,982 to extend the business combination deadline, indicating confidence in the merger process.
• The extension provides additional time for INFINT to finalize a merger with a promising fintech company, potentially enhancing growth opportunities.

Negative

• Cancellation of the extraordinary general meeting may indicate challenges in securing shareholder approval for proposed actions.
• The need for an extension suggests potential delays or complications in finalizing the expected business combination.

NEW YORK--(BUSINESS WIRE)-- INFINT Acquisition Corporation (the “Company”) (NYSE: IFIN, IFIN.WS) announced today its decision to cancel its extraordinary general meeting of shareholders that was scheduled for November 22, 2022 and to withdraw from consideration by the shareholders of the Company the proposals set forth in the Company’s Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on November 2, 2022.

In accordance with the provisions of the Charter and the business combination agreement among the Company, FINTECH Merger Sub Corp., and Seamless Group Inc., (“Seamless”), as amended, Seamless will deposit additional funds in the amount of $2,999,982 to the Company’s trust account on November 22, 2022 to automatically extend the date by which the Company must consummate a business combination from November 23, 2022 to February 23, 2023.

About INFINT Acquisition Corporation

INFINT Acquisition Corporation is a Special Purpose Acquisition Corporation (SPAC) company on a mission to bring the most promising financial technology company from North America, Asia, Latin America, Europe and Israel to the U.S. public market. As a result of the pandemic, the world is changing rapidly, and in unique, unexpected ways. Thanks to growth and investment in the global digital infrastructure, legal, healthcare, automotive, financial, and other fields are evolving at a faster rate than ever before. INFINT believes the greatest opportunities in the near future lie in the global fintech space and are looking forward to merging with an exceptional international fintech company.

Cautionary Statement Regarding Forward-Looking Statements

This release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company's actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the timing of Seamless’ funding of the automatic extension deposit. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the Company's control and are difficult to predict. The Company cautions investors not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221122005455/en/

Investor Contacts

Shannon Devine / Mark Schwalenberg

MZ Group North America

203-741-8811

shannon.devine@mzgroup.us

PR Contacts

Joe McGurk

MZ Group North America

joe.mcgurk@mzgroup.us

Source: INFINT Acquisition Corporation

FAQ

What is the significance of INFINT Acquisition Corporation's cancellation of its extraordinary general meeting?

The cancellation indicates challenges in securing shareholder proposals and may reflect uncertainties regarding the planned business combination.

Why is Seamless Group Inc. depositing $2,999,982 into INFINT's trust account?

Seamless is making this deposit to automatically extend the deadline for INFINT to consummate a business combination, providing more time to finalize a merger.

What is the new deadline for INFINT to complete its business combination?

The new deadline for INFINT to complete its business combination is February 23, 2023, following the extension provided by the additional funds from Seamless.

How does the extension affect INFINT's merger prospects?

The extension allows INFINT more time to secure a merger with a promising fintech company, potentially enhancing its market position and growth potential.

What are the implications of withdrawing proposals from the Definitive Proxy Statement?

Withdrawing proposals may reflect strategic adjustments or uncertainties faced by INFINT, potentially impacting investor sentiment.