InterPrivate III Financial Partners Inc. Announces Extension of Deadline to Complete Initial Business Combination

Rhea-AI Summary

InterPrivate III Financial Partners Inc. has extended the deadline for its initial business combination from May 9 to June 9, 2023. This is the third one-month extension available to the company. The company deposited $120,100.56 into its trust account for the third month of the extension.

Positive

• InterPrivate III Financial Partners Inc. has extended the deadline for its initial business combination, allowing more time for the company to complete the deal.

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• None.

New York, NY, May 04, 2023 (GLOBE NEWSWIRE) -- InterPrivate III Financial Partners Inc. (NYSE American: IPVF.U, IPVF, IPVF WS) (the “Company”), announced today that its board of directors (the “Board”) has decided to extend the date by which the Company must consummate an initial business combination (the “Deadline Date”) from May 9, 2023 for an additional month, to June 9, 2023, the third of three potential one-month extensions of the Deadline Date available to the Company.

The Company’s Amended and Restated Certificate of Incorporation (the “Charter”) provides the Company the right to extend the Deadline Date up to three times for an additional one month each time (each, an “Extension”), from March 9, 2023 to up to June 9, 2023. As previously disclosed, in December 2022, the Board had implemented a first Extension and had extended the initial Deadline Date to April 9, 2023. Also as previously disclosed, on March 29, 2023, the Board had implemented a second Extension to May 9, 2023. On May 3, 2023, pursuant to the Charter, the Board determined to implement a third Extension to allow additional time for the Company to complete its initial business combination. In connection with the third Extension, the Company deposited $120,100.56 for the third month of the Extension. On May 3, 2023, the Company deposited such contribution into the Company’s trust account.

About InterPrivate III Financial Partners Inc.
InterPrivate III Financial Partners Inc. is a blank check company formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (each, a “Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target”, “may”, “intend”, “predict”, “should”, “would”, “predict”, “potential”, “seem”, “future”, “outlook” or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the risk that approval of the Company’s stockholders for the Extension is not obtained; the level of redemptions made by the Company’s stockholders in connection with the Extension and its impact on the amount of funds available in the Company’s trust account to complete an initial business combination; and those factors discussed in the Company’s Annual Report on Form 10-K filed with the SEC on April 17, 2023, any subsequent Quarterly Report on Form 10-Q filed with the SEC and in the other reports we file with the SEC. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contact
James Pipe
ir@interprivate.com
InterPrivate III Financial Partners Inc.
(212) 920-0125

FAQ

What is the new deadline for InterPrivate III Financial Partners Inc.'s initial business combination?

The new deadline is June 9, 2023.

How many times can the company extend the deadline?

The company can extend the deadline up to three times for an additional one month each time.

How much money did the company deposit for the third month of the extension?

The company deposited $120,100.56 for the third month of the extension.