WinVest Acquisition Corp. Announces Extension of Termination Date and Additional Contribution to Trust Account to Extend Termination Date
WinVest Acquisition Corp. (NASDAQ: WINV) has announced an extension of its termination date for completing an initial business combination. The Board of Directors approved a one-month extension from August 17, 2024, to September 17, 2024. To support this extension, the company will deposit $30,000 (approximately $0.061 per unredeemed share) into its trust account. This deposit is part of a $180,000 unsecured non-interest-bearing promissory note issued to WinVest SPAC on June 12, 2024. The extension aims to provide additional time for WINV to finalize a business combination, which is important for special purpose acquisition companies (SPACs) to fulfill their primary objective.
WinVest Acquisition Corp. (NASDAQ: WINV) ha annunciato un'estensione della data di scadenza per completare una combinazione aziendale iniziale. Il Consiglio di Amministrazione ha approvato un'estensione di un mese dal 17 agosto 2024 al 17 settembre 2024. Per supportare questa estensione, l'azienda depositarà 30.000 dollari (circa 0,061 dollari per azione non riscattata) nel suo conto fiduciario. Questo deposito fa parte di una nota promissoria non garantita senza interessi di 180.000 dollari emessa a WinVest SPAC il 12 giugno 2024. L'estensione ha lo scopo di fornire ulteriore tempo a WINV per finalizzare una combinazione aziendale, un obiettivo importante per le società di acquisizione a scopo speciale (SPAC).
WinVest Acquisition Corp. (NASDAQ: WINV) ha anunciado una extensión de la fecha de terminación para completar una combinación empresarial inicial. La Junta Directiva aprobó una extensión de un mes desde 17 de agosto de 2024 hasta el 17 de septiembre de 2024. Para apoyar esta extensión, la empresa depositará 30,000 dólares (aproximadamente 0.061 dólares por acción no redimida) en su cuenta fiduciaria. Este depósito es parte de una nota promissoria no garantizada y sin intereses de 180,000 dólares emitida a WinVest SPAC el 12 de junio de 2024. La extensión tiene como objetivo proporcionar más tiempo para que WINV finalice una combinación empresarial, lo cual es importante para las empresas de adquisición con fines específicos (SPAC).
WinVest Acquisition Corp. (NASDAQ: WINV)는 초기 사업 결합을 완료하기 위한 종료 날짜를 연장했다고 발표했습니다. 이사회는 2024년 8월 17일에서 2024년 9월 17일로 한 달 연장을 승인했습니다. 이 연장을 지원하기 위해 회사는 신탁 계좌에 30,000달러 (미리 환급되지 않는 주식당 약 0.061달러)를 입금할 예정입니다. 이 예치금은 2024년 6월 12일 WinVest SPAC에 발행된 180,000달러의 무보증 무이자 약속어음의 일부분입니다. 이 연장은 WINV가 사업 결합을 최종 결정할 수 있는 추가 시간을 제공하는 것에 중점을 두고 있으며, 이는 특별 목적 인수 회사(SPAC)가 주요 목표를 충족하는 데 중요합니다.
WinVest Acquisition Corp. (NASDAQ: WINV) a annoncé une extension de sa date de résiliation pour finaliser une combinaison d'affaires initiale. Le Conseil d'administration a approuvé une extension d'un mois du 17 août 2024 au 17 septembre 2024. Pour soutenir cette extension, l'entreprise déposera 30 000 dollars (environ 0,061 dollar par action non rachetée) sur son compte fiduciaire. Ce dépôt fait partie d'un chèque sans garantie et sans intérêts de 180 000 dollars émis à WinVest SPAC le 12 juin 2024. L'extension vise à donner à WINV un temps supplémentaire pour finaliser une combinaison d'affaires, ce qui est important pour les sociétés d'acquisition à but spécial (SPAC) afin d'atteindre leur objectif principal.
WinVest Acquisition Corp. (NASDAQ: WINV) hat eine Verlängerung des Kündigungsdatums für den Abschluss einer ersten Unternehmenszusammenführung bekannt gegeben. Der Vorstand hat eine einmonatige Verlängerung vom 17. August 2024 bis zum 17. September 2024 genehmigt. Um diese Verlängerung zu unterstützen, wird das Unternehmen 30.000 US-Dollar (ca. 0,061 US-Dollar pro nicht eingelöster Aktie) auf sein Treuhandkonto einzahlen. Diese Einzahlung ist Teil eines 180.000 US-Dollar ungesicherten zinslosen Schuldscheins, der am 12. Juni 2024 an WinVest SPAC ausgegeben wurde. Die Verlängerung soll WINV zusätzliche Zeit geben, um eine Unternehmenszusammenführung abzuschließen, was für spezielle Akquisitionsgesellschaften (SPACs) wichtig ist, um ihrem Hauptziel gerecht zu werden.
- Extension provides more time to complete a business combination
- Additional $30,000 deposited into trust account
- Delay in completing initial business combination
- Increased debt through $180,000 promissory note
Insights
This extension for WinVest Acquisition Corp. (WINV) is a common move for SPACs nearing their deadline without a merger target. The
The extension of WinVest Acquisition Corp.'s termination date is a procedural move within the bounds of its corporate structure. The Board's approval and the additional trust contribution comply with SEC regulations for SPACs. However, investors should be aware that multiple extensions can be a red flag. The use of a promissory note from the Sponsor for trust contributions is standard practice but adds to the SPAC's liabilities. If no deal is consummated, these notes typically become worthless. The
WinVest's extension reflects the broader challenges in the SPAC market. With increased regulatory scrutiny and a more discerning investor base, many SPACs are struggling to find suitable targets within their initial timeframes. This extension doesn't significantly alter WinVest's market position but does highlight the ongoing difficulties in the sector. The minimal trust contribution of
Cambridge, MA, Aug. 14, 2024 (GLOBE NEWSWIRE) -- WinVest Acquisition Corp. (NASDAQ: WINV, the “Company”), a special purpose acquisition company, announced today that its Board of Directors (the “Board”) has approved an extension of the period of time available to the Company to consummate an initial business combination by one month from August 17, 2024 to September 17, 2024 (the “Termination Date”), as permitted under the Company’s Amended and Restated Certificate of Incorporation, as amended. The purpose of the extension is to provide additional time for the Company to complete an initial business combination.
In connection with the extension,
About WinVest Acquisition Corp.
WinVest Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including statements about the successful consummation of the Company’s initial business combination, are subject to risks and uncertainties, which could cause actual results to differ from those contemplated by the forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s initial public offering and other reports filed with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.
Contact:
WinVest Acquisition Corp.
Manish Jhunjhunwala
(617) 658-3094
FAQ
What is the new termination date for WinVest Acquisition Corp. (WINV)?
How much money is WinVest Acquisition Corp. (WINV) depositing into its trust account for the extension?
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