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 for its initial business combination deadline from April 17 to May 17, 2023. The Board approved this one-month extension to facilitate the completion of a business combination. As part of the extension, the Company will deposit $125,000 into its trust account, equivalent to approximately $0.066 per unredeemed share issued during its initial public offering. Furthermore, WinVest has the option to extend the deadline on a monthly basis until June 17, 2023, under similar financial terms. This move aims to secure additional time for strategic business planning and execution. The Company remains focused on completing a merger or business combination that will enhance shareholder value.

Positive

• Extension provides more time to identify a suitable business combination.
• $125,000 deposit increases investor confidence.
• Possibility of additional extensions indicates ongoing efforts to finalize a deal.

Negative

• Need for extension may indicate challenges in finding a suitable business combination.

Cambridge, MA, April 14, 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 April 17, 2023 to May 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, $125,000 (representing approximately $0.066 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.

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 termination date for WinVest Acquisition Corp?'s business combination?

The new termination date is May 17, 2023.

How much is being deposited into the trust account by WinVest Acquisition Corp.?

$125,000 will be deposited into the trust account.

What are the implications of the extension for WinVest Acquisition Corp. shareholders?

The extension allows more time for WinVest to secure a business combination, potentially increasing shareholder value.

Is there a possibility for further extensions of the termination date?

Yes, WinVest can extend the termination date monthly until June 17, 2023, with additional deposits.

What does the extension signify for WinVest Acquisition Corp.'s future?

The extension may indicate a strategic approach to finalize a business combination, though it also reflects challenges in the process.