Inception Growth Acquisition Limited Announces Extension of Business Combination Period
Inception Growth Acquisition (NASDAQ: IGTA), a special purpose acquisition company, announced that stockholders approved proposals at their December 6, 2024 special meeting to extend the business combination period. The extension allows IGTA to extend the trust account liquidation date six times, one month each, from December 13, 2024 to June 13, 2025. For each extension, the company must deposit $0.04 per unredeemed common share from the IPO into the trust account. This extension provides additional time for IGTA to complete a business combination.
Inception Growth Acquisition (NASDAQ: IGTA), una società di acquisizione per scopi specifici, ha annunciato che gli azionisti hanno approvato le proposte durante la riunione speciale del 6 dicembre 2024 per estendere il periodo di combinazione aziendale. L'estensione consente a IGTA di posticipare la data di liquidazione del conto fiduciario sei volte, per un mese ciascuna, dal 13 dicembre 2024 al 13 giugno 2025. Per ogni estensione, la società deve depositare $0,04 per ogni azione comune non riscattata dall'IPO nel conto fiduciario. Questa estensione offre ulteriore tempo a IGTA per completare una combinazione aziendale.
Inception Growth Acquisition (NASDAQ: IGTA), una compañía de adquisición de propósito específico, anunció que los accionistas aprobaron las propuestas en su reunión especial del 6 de diciembre de 2024 para extender el período de combinación empresarial. La extensión permite a IGTA posponer la fecha de liquidación de la cuenta fiduciaria seis veces, un mes cada una, desde el 13 de diciembre de 2024 hasta el 13 de junio de 2025. Para cada extensión, la compañía debe depositar $0.04 por cada acción común no canjeada de la OPI en la cuenta fiduciaria. Esta extensión proporciona tiempo adicional para que IGTA complete una combinación empresarial.
Inception Growth Acquisition (NASDAQ: IGTA), 특별 목적 인수 회사가, 2024년 12월 6일 특별 회의에서 주주가 비즈니스 조합 기간 연장에 대한 제안을 승인했다고 발표했습니다. 이 연장은 IGTA가 신탁 계좌의 청산일을 총 6회 연장할 수 있도록 허용하며, 각 연장은 한 달씩, 2024년 12월 13일부터 2025년 6월 13일까지입니다. 각 연장마다 회사는 IPO에서 미상환된 일반 주식 한 주당 $0.04를 신탁 계좌에 입금해야 합니다. 이 연장은 IGTA가 비즈니스 조합을 완료할 수 있는 추가 시간을 제공합니다.
Inception Growth Acquisition (NASDAQ: IGTA), une société d'acquisition à but spécial, a annoncé que les actionnaires ont approuvé les propositions lors de leur assemblée générale extraordinaire du 6 décembre 2024 pour prolonger la période de combinaison d'affaires. L'extension permet à IGTA de prolonger la date de liquidation du compte fiduciaire six fois, un mois chacune, du 13 décembre 2024 au 13 juin 2025. Pour chaque prolongation, la société doit déposer 0,04 $ par action ordinaire non échangée de l'IPO sur le compte fiduciaire. Cette extension offre un temps supplémentaire à IGTA pour finaliser une combinaison d'affaires.
Inception Growth Acquisition (NASDAQ: IGTA), eine spezielle Zweckgesellschaft, hat bekannt gegeben, dass die Aktionäre bei ihrer außerordentlichen Sitzung am 6. Dezember 2024 die Vorschläge zur Verlängerung der Geschäftskombinationsphase genehmigt haben. Die Verlängerung erlaubt es IGTA, das Liquidationsdatum des Treuhandkontos sechsmal um jeweils einen Monat zu verschieben, von 13. Dezember 2024 bis 13. Juni 2025. Für jede Verlängerung muss das Unternehmen $0,04 pro nicht eingelöster Stammaktie aus dem IPO auf das Treuhandkonto einzahlen. Diese Verlängerung bietet IGTA zusätzliche Zeit, um eine Geschäftskombination abzuschließen.
- Secured stockholder approval for six monthly extensions
- Gained flexibility with extended timeline until June 13, 2025 to complete business combination
- Additional costs of $0.04 per unredeemed share required monthly for extensions
- Need for extension suggests potential challenges in finding/closing suitable business combination
Insights
This SPAC extension announcement is a critical development for IGTA, indicating challenges in completing a business combination within the original timeline. The extension mechanism, requiring
The stockholder approval of amendments to both the certificate of incorporation and trust agreement represents significant legal maneuvering to avoid liquidation. This structured extension approach, with monthly contributions to the trust account, provides legal protection for shareholders while giving management operational flexibility. However, the need for multiple short extensions rather than a single longer period suggests heightened scrutiny from shareholders and potentially challenging market conditions for SPAC deals. The monthly contribution requirement ensures ongoing alignment with shareholder interests during the extended search period.
New York, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Inception Growth Acquisition Limited (NASDAQ: IGTA, the “Company”), a publicly traded special purpose acquisition company, announced today that at its special meeting of stockholders on December 6, 2024 (the “Meeting”), the Company’s stockholders voted in favor of, among others, the proposals to amend (i) its amended and restated certificate of incorporation; and (ii) the investment management trust agreement with Continental Stock Transfer & Trust Company, giving the Company the right to extend the date on which to commence liquidating the trust account established in connection with the Company’s initial public offering (the “Trust Account”) by six (6) times for an additional one (1) month each time from December 13, 2024 to June 13, 2025 by depositing into the trust account an aggregate amount equal to
Contact
Inception Growth Acquisition Limited
Investor Relationship Department
(315) 636-6638
FAQ
What is the new deadline for IGTA to complete a business combination?
How much does each monthly extension cost IGTA shareholders?
When did IGTA stockholders approve the extension amendments?
How many extension periods can IGTA utilize under the new amendment?
