Inception Growth Acquisition Limited Announces Extension of Business Combination Period

Rhea-AI Summary

Inception Growth Acquisition Limited (NASDAQ: IGTA) announced that shareholders approved proposals to extend its business combination period. The SPAC received approval to extend the trust account liquidation deadline four times, each extension lasting one month, from June 13, 2025 to October 13, 2025. For each monthly extension, the company must deposit $0.075 per non-redeemed public share into the trust account. This extension provides IGTA additional time to complete a business combination. The approval was granted during the company's annual stockholder meeting held on June 5, 2025.

Positive

• None.

Negative

• Company requires additional time to find/complete a business combination, indicating potential challenges
• Additional costs required for extensions as $0.075 per share must be deposited for each month extended

New York, June 11, 2025 (GLOBE NEWSWIRE) -- Inception Growth Acquisition Limited (NASDAQ: IGTA, the “Company”), a publicly traded special purpose acquisition company, announced today that at its annual meeting of stockholders on June 5, 2025 (the “Meeting”), the Company’s stockholders voted in favor of, among others, the proposals to amend (i) its amended and restated certificate of incorporation; and (ii) the investment management trust agreement with Continental Stock Transfer & Trust Company, giving the Company the right to extend the date on which to commence liquidating the trust account established in connection with the Company’s initial public offering (the “Trust Account”)  by four (4) times for an additional one (1) month each time from June 13, 2025 to October 13, 2025 by depositing into the trust account an aggregate amount equal to $0.075 multiplied by the number of common stock issued in the Company’s initial public offering that has not been redeemed for each one-month extension. The purpose of the extension is to provide additional time for the Company to complete a business combination.

Contact

Inception Growth Acquisition Limited
Investor Relationship Department
(315) 636-6638

FAQ

What did IGTA shareholders approve at the June 5, 2025 meeting?

Shareholders approved proposals to extend the trust account liquidation deadline by up to four one-month periods from June 13, 2025 to October 13, 2025

How much will IGTA have to deposit for each monthly extension?

For each monthly extension, IGTA must deposit $0.075 multiplied by the number of non-redeemed public shares into the trust account

When is IGTA's new deadline to complete a business combination?

With the approved extensions, IGTA can extend its deadline up to October 13, 2025, through four one-month extensions

What happens if IGTA doesn't complete a business combination by the deadline?

If IGTA fails to complete a business combination by the deadline, they would need to liquidate the trust account and return funds to shareholders

What is the purpose of IGTA's extension?

The extension provides additional time for IGTA to identify and complete a business combination