Inception Growth Acquisition Limited Announces Extension of Business Combination Period and Additional Contribution to Trust Account to Extend Business Combination Period

Rhea-AI Summary

Inception Growth Acquisition (NASDAQ: IGTA) announced an extension of its business combination period following stockholder approval on June 4, 2024. The company can extend the liquidation deadline by six months with monthly deposits of $50,000 or $0.04 per unredeemed common stock, whichever is less. On June 6, 2024, IGTA deposited $50,000 into its Trust Account, extending the business combination deadline to July 13, 2024. This extension aims to provide more time to finalize a business combination.

Positive

• Stockholders approved the extension, indicating investor confidence.
• Ability to extend the period up to six additional months provides flexibility.
• Deposit of $50,000 to Trust Account ensures immediate extension to July 13, 2024.

Negative

• The need for an extension suggests potential delays in completing a business combination.
• Monthly contributions could strain financial resources if the combination is not finalized quickly.
• Uncertainty related to the finalization of the business combination may affect stock performance.

New York, June 10, 2024 (GLOBE NEWSWIRE) -- Inception Growth Acquisition Limited (NASDAQ: IGTA, the “Company”), a publicly traded special purpose acquisition company, announced today that at its annual meeting of stockholders on June 4, 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 June 13, 2024 to December 13, 2024 by depositing into the trust account the lesser of (i) $50,000 and (ii) an aggregate amount equal to $0.04 multiplied by the number of common stock issued in the Company’s initial public offering that has not been redeemed for each one-month extension. On June 6, 2024, the Company deposited $50,000 into the Trust Account in order to extend the period of time the Company has to complete a business combination for an additional one (1) month period, from June 13, 2024 to July 13, 2024. The purpose of the extension is to provide additional time for the Company to complete a business combination.

Contact

Inception Growth Acquisition Limited
Investor Relationship Department
(315) 636-6638

FAQ

What is the recent announcement from Inception Growth Acquisition ?

Inception Growth Acquisition announced an extension of its business combination period and additional contributions to its Trust Account.

When did Inception Growth Acquisition get approval for the extension?

The extension was approved at the stockholders' meeting on June 4, 2024.

What are the terms of the extension for IGTA?

The company can extend the business combination deadline by six one-month periods with monthly deposits of $50,000 or $0.04 per unredeemed stock.

How much did IGTA deposit to extend the business combination period?

IGTA deposited $50,000 into the Trust Account on June 6, 2024.

Until when has the business combination period been extended for IGTA?

The business combination period has been extended to July 13, 2024.