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

Rhea-AI Summary

WinVest Acquisition Corp. (NASDAQ: WINV) announced that its stockholders approved a proposal to extend the deadline for completing a business combination from December 17, 2022, to January 17, 2023. This extension allows the Company to extend the Termination Date for up to five additional months subject to a monthly deposit of $125,000 by the Sponsor. On December 5, 2022, the Sponsor deposited $125,000 into the Trust Account for the initial one-month extension. Additionally, a $750,000 unsecured promissory note was issued to the Sponsor, convertible into private warrants upon a business combination.

Positive

• Extension of the Termination Date provides additional time to finalize a business combination.
• Sponsor's financial support through a $125,000 deposit demonstrates commitment.

Negative

• The ongoing necessity for extensions may raise concerns about the Company's ability to secure a business combination.

Cambridge, MA, Dec. 06, 2022 (GLOBE NEWSWIRE) -- WinVest Acquisition Corp. (NASDAQ: WINV, the “Company”), a special purpose acquisition company, announced today that at a special meeting of its stockholders held on November 30, 2022, the Company’s stockholders voted in favor of a proposal to amend its amended and restated certificate of incorporation to extend the date (the “Termination Date”) by which the Company must consummate an initial business combination from December 17, 2022 to January 17, 2023 (the “Charter Extension Date”), and to allow the Company, without another stockholder vote, to elect to extend the Termination Date on a monthly basis for up to five times by an additional one month each time after the Charter Extension Date, by resolution of the Company’s board of directors, if requested by WinVest SPAC LLC, the Company’s sponsor (the “Sponsor”), subject to the Sponsor’s deposit of $125,000 per monthly extension into the Company’s trust account (the “Trust Account”). In connection therewith, on December 5, 2022, the Company issued an unsecured promissory note to the Sponsor with a principal amount equal to $750,000. The promissory note bears no interest and is convertible at the option of the Sponsor upon the consummation of an initial business combination into private warrants to purchase shares of the Company’s common stock at a price of $0.50 per private warrant. Such private warrants will be identical to the private placement warrants issued to the Sponsor at the time of the Company’s initial public offering.

On December 5, 2022, the Sponsor notified the Company of its intent to extend the Termination Date and deposited into the Trust Account an aggregate of $125,000 (representing approximately $0.066 per share of common stock issued in the Company’s initial public offering that has not been redeemed), in order to extend the period of time the Company has to complete an initial business combination for an additional one (1) month period, from December 17, 2022 to January 17, 2023. The purpose of the extension is to provide time for the Company to complete an initial business combination.

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.?

The new Termination Date for WinVest Acquisition Corp. is January 17, 2023.

How much did the Sponsor deposit to extend the Termination Date?

The Sponsor deposited $125,000 to extend the Termination Date.

What is the purpose of the promissory note issued by WinVest Acquisition Corp.?

The promissory note of $750,000 is issued to the Sponsor and is convertible into private warrants upon completing a business combination.

How many months can WinVest Acquisition Corp. extend the Termination Date?

WinVest Acquisition Corp. can extend the Termination Date for up to five additional months.

What does the extension signify for WinVest Acquisition Corp. investors?

The extension signifies that the Company is actively seeking a business combination, which may boost investor confidence despite the ongoing delays.