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 an extension of its deadline to finalize an initial business combination from January 17, 2023, to February 17, 2023. This one-month extension was approved by the Board of Directors to allow additional time for the transaction. In connection with the extension, the Company’s sponsor, WinVest SPAC LLC, deposited $125,000 into the trust account, which is part of a larger unsecured promissory note of $750,000 issued to the Sponsor. The Board also has the option for further monthly extensions until June 17, 2023, with additional deposits required for each extension.

Positive

• Extension of the deadline allows more time to secure a business combination, potentially increasing transaction success.
• The $125,000 deposit reinforces confidence in the company’s ability to finalize a merger.

Negative

• The need for an extension may indicate challenges in securing a business combination within the original timeframe.

Cambridge, MA, Jan. 13, 2023 (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 January 17, 2023 to February 17, 2023 (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, WinVest SPAC LLC, the Company’s sponsor (the “Sponsor”), has deposited $125,000 (representing approximately $0.066 per unredeemed share of common stock issued in the Company’s initial public offering) into the trust account established in connection with the Company’s initial public offering pursuant to the Company’s second drawdown upon an unsecured promissory note in the aggregate principal amount of $750,000 issued by the Company to the Sponsor on December 5, 2022. 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 conversion 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.

The Board may elect to further extend the Termination Date on a monthly basis until June 17, 2023 upon the deposit of an additional $125,000 into the trust account per monthly 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 deadline for WinVest Acquisition Corp. to complete a business combination?

The new deadline is February 17, 2023.

How much money did WinVest Acquisition Corp. deposit in connection with the extension?

The company deposited $125,000 into the trust account.

What is the purpose of the extension granted by WinVest Acquisition Corp.'s Board?

The extension is intended to provide more time to successfully complete an initial business combination.

Can WinVest Acquisition Corp. extend the deadline further?

Yes, the Board can extend the deadline monthly until June 17, 2023, with additional deposits.