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 a one-month extension of its deadline to complete an initial business combination, moving the date from February 17 to March 17, 2023. The extension aims to allow more time for finalizing this business deal. To facilitate this extension, WinVest SPAC LLC deposited $125,000 into the company's trust account, part of a $750,000 unsecured promissory note issued on December 5, 2022. This note may convert into private warrants at $0.50 per warrant upon the completion of a business combination. The Board can extend this deadline further on a monthly basis until June 17, 2023, with additional deposits.

Positive

• Extension of the business combination deadline provides more time for strategic planning.
• Sponsor's deposit of $125,000 strengthens the financial position for the potential deal.

Negative

• The need for an extension may indicate challenges in finalizing a business combination.

Cambridge, MA, Feb. 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 February 17, 2023 to March 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 third 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 termination date for WinVest Acquisition Corp.'s business combination?

The new termination date is March 17, 2023.

How much did WinVest SPAC LLC deposit for the extension?

WinVest SPAC LLC deposited $125,000 into the trust account.

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

The unsecured promissory note of $750,000 is intended to support the business combination process.

Can the termination date be extended beyond March 17, 2023?

Yes, the Board may extend the termination date on a monthly basis until June 17, 2023.

What are the terms for converting the promissory note into warrants?

The promissory note can convert into private warrants at a price of $0.50 per warrant upon consummation of the business combination.