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WinVest Acquisition Corp. Announces Extension of Termination Date and Additional Contribution to Trust Account to Extend Termination Date

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WinVest Acquisition Corp. (NASDAQ: WINV) has announced an extension of its termination date from October 17, 2024, to November 17, 2024. This one-month extension, approved by the Board of Directors, aims to provide additional time for the company to complete an initial business combination. In connection with this extension, $30,000 (approximately $0.061 per unredeemed share of common stock from the initial public offering) will be deposited into the trust account. This deposit is part of the fifth drawdown on an unsecured non-interest-bearing promissory note with a principal amount of $180,000, issued by the company to WinVest SPAC on June 12, 2024.

WinVest Acquisition Corp. (NASDAQ: WINV) ha annunciato un'estensione della sua data di termine dal 17 ottobre 2024 al 17 novembre 2024. Questa estensione di un mese, approvata dal Consiglio di Amministrazione, mira a fornire ulteriore tempo per completare una combinazione aziendale iniziale. In relazione a questa estensione, $30.000 (circa $0,061 per azione ordinaria non rimborsata dall'offerta pubblica iniziale) sarà depositato nel conto fiduciario. Questo deposito fa parte del quinto prelievo su un pagherò non garantito senza interessi con un'importo principale di $180.000, emesso dalla società a WinVest SPAC il 12 giugno 2024.

WinVest Acquisition Corp. (NASDAQ: WINV) ha anunciado una extensión de su fecha de terminación del 17 de octubre de 2024 al 17 de noviembre de 2024. Esta extensión de un mes, aprobada por la Junta Directiva, tiene como objetivo proporcionar tiempo adicional para que la empresa complete una combinación empresarial inicial. En relación con esta extensión, se depositarán $30,000 (aproximadamente $0.061 por acción ordinaria no reembolsada de la oferta pública inicial) en la cuenta fiduciaria. Este depósito es parte del quinto retiro de un pagaré no garantizado y sin intereses con un monto principal de $180,000, emitido por la empresa a WinVest SPAC el 12 de junio de 2024.

WinVest 인수 주식회사 (NASDAQ: WINV)는 종료 날짜를 2024년 10월 17일에서 2024년 11월 17일로 연장한다고 발표했습니다. 이 한 달 연장은 이사회에 의해 승인되었으며, 회사가 초기 비즈니스 결합을 완료할 수 있도록 추가 시간을 제공하는 것을 목표로 합니다. 이 연장과 관련하여, $30,000 (상장 공모에서 환불되지 않은 일반 주식당 약 $0.061)가 신탁 계좌에 예치됩니다. 이 예치는 2024년 6월 12일 회사가 WinVest SPAC에 발행한 무담보 무이자 약속어음의 다섯 번째 인출의 일부입니다.

WinVest Acquisition Corp. (NASDAQ: WINV) a annoncé une prolongation de sa date de résiliation du 17 octobre 2024 au 17 novembre 2024. Cette prolongation d'un mois, approuvée par le Conseil d'Administration, vise à donner plus de temps à l'entreprise pour finaliser une combinaison commerciale initiale. En rapport avec cette prolongation, $30,000 (environ $0,061 par action ordinaire non échangée de l'offre publique initiale) sera déposé sur le compte fiduciaire. Ce dépôt fait partie du cinquième décaissement d'un effet de commerce non garanti et sans intérêt d'un montant principal de $180,000, émis par la société à WinVest SPAC le 12 juin 2024.

WinVest Acquisition Corp. (NASDAQ: WINV) hat eine Verlängerung seines Kündigungsdatums vom 17. Oktober 2024 auf den 17. November 2024 bekannt gegeben. Diese einmonatige Verlängerung, die vom Vorstand genehmigt wurde, soll dem Unternehmen zusätzliche Zeit geben, um eine erste Unternehmenszusammenlegung abzuschließen. Im Zusammenhang mit dieser Verlängerung werden $30.000 (ca. $0,061 pro nicht eingelöster Stammaktie aus dem Börsengang) auf ein Treuhandkonto eingezahlt. Diese Einzahlung ist Teil der fünften Abhebung von einem unbesicherten, unverzinslichen Schuldschein mit einem Hauptbetrag von $180.000, das von der Gesellschaft am 12. Juni 2024 an WinVest SPAC ausgegeben wurde.

Positive
  • Extension provides additional time to complete an initial business combination
  • Additional $30,000 deposited into trust account
Negative
  • Delay in completing initial business combination
  • Increased debt through promissory note drawdown

Insights

This announcement from WinVest Acquisition Corp. is a routine update for a SPAC seeking more time to complete a business combination. The one-month extension to November 17, 2024, is a common practice when SPACs approach their initial deadline without a deal in place. The additional $30,000 contribution to the trust account, equating to about $0.061 per unredeemed share, is a minimal amount intended to maintain investor interest.

For investors, this extension signals that WinVest hasn't yet secured a suitable merger target. While it buys more time, it also indicates potential challenges in finding an attractive deal. The small trust contribution suggests the SPAC is conserving cash, which could be viewed as prudent management or a sign of resources. Investors should monitor for any forthcoming announcements regarding potential targets or further extensions, as the clock is ticking for WinVest to deliver value or face liquidation.

Cambridge, MA, Oct. 11, 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 October 17, 2024 to November 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, $30,000 (representing approximately $0.061 per unredeemed share of common stock issued in the Company’s initial public offering) will be deposited into the trust account established in connection with the Company’s initial public offering pursuant to the Company’s fifth drawdown upon an unsecured non-interest-bearing promissory note in the aggregate principal amount of $180,000 issued by the Company to WinVest SPAC LLC (the “Sponsor”) on June 12, 2024.

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)?

The new termination date for WinVest Acquisition Corp. (WINV) is November 17, 2024, extended from the previous date of October 17, 2024.

How much money is being added to WINV's trust account for the extension?

WinVest Acquisition Corp. (WINV) is adding $30,000 to its trust account in connection with the extension, which represents approximately $0.061 per unredeemed share of common stock from the initial public offering.

What is the purpose of WINV's termination date extension?

The purpose of the termination date extension is to provide WinVest Acquisition Corp. (WINV) with additional time to complete an initial business combination.

How is WINV funding the additional contribution to the trust account?

WINV is funding the additional contribution through a drawdown on an unsecured non-interest-bearing promissory note with a principal amount of $180,000, issued to WinVest SPAC on June 12, 2024.

WinVest Acquisition Corp.

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