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

Rhea-AI Summary

InterPrivate III Financial Partners Inc. (NYSE: IPVF) has extended its initial business combination deadline from April 9, 2023, to May 9, 2023. This marks the second one-month extension allowed under the company's Amended and Restated Certificate of Incorporation, which permits a total of three extensions. The company has deposited $120,100.56 into its trust account for this extension. InterPrivate III Financial Partners is structured as a blank check company aimed at executing mergers or acquisitions across various sectors. The announcement reflects ongoing efforts to secure a suitable business combination while addressing potential shareholder concerns about fund availability.

Positive

• Extended business combination deadline allows more time to identify mergers or acquisitions.
• Deposit of $120,100.56 in trust account enhances financial stability during the extension period.

Negative

• The necessity for an extension may indicate challenges in securing a suitable business combination.
• Continued uncertainty regarding shareholder approval for extensions could impact fundraising efforts.

New York, NY, April 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 April 9, 2023 for an additional month, to May 9, 2023, the second 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.  On March 29, 2023, pursuant to the Charter, the Board determined to implement a second Extension to allow additional time for the Company to complete its initial business combination. In connection with the second Extension, the Company deposited $120,100.56 for the second month of the Extension. On April 4, 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 March 31, 2022, 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' business combination?

The new deadline for InterPrivate III Financial Partners' business combination is May 9, 2023.

How much has InterPrivate III Financial Partners deposited for the extension?

InterPrivate III Financial Partners has deposited $120,100.56 for the extension.

What extensions are allowed under InterPrivate III Financial Partners' Charter?

The charter allows for up to three one-month extensions for business combination deadlines.

What does InterPrivate III Financial Partners focus on?

InterPrivate III Financial Partners is focused on mergers, capital stock exchanges, and acquisitions across various sectors.

What is the stock symbol for InterPrivate III Financial Partners?

The stock symbol for InterPrivate III Financial Partners is IPVF.