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) has announced an extension of its termination date for completing an initial business combination. The Board of Directors has approved a one-month extension from September 17, 2024, to October 17, 2024. To facilitate this extension, the company will deposit $30,000 (approximately $0.061 per unredeemed share) into the trust account established for its initial public offering. This deposit will be made through a drawdown on an unsecured non-interest-bearing promissory note of $180,000 issued to WinVest SPAC , the company's sponsor, on June 12, 2024. The extension aims to provide WinVest Acquisition Corp. with additional time to complete its initial business combination.
Positive
- Extension of termination date provides more time to complete initial business combination
- Additional $30,000 contribution to trust account, increasing value for shareholders
Negative
- Delay in completing initial business combination may indicate challenges in finding suitable target
- Use of promissory note for extension may increase company's debt
News Market Reaction
On the day this news was published, WINV gained 2.94%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Cambridge, MA, Sept. 13, 2024 (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 September 17, 2024 to October 17, 2024 (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,
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. (WINV) to complete its initial business combination?
How much money is WinVest Acquisition Corp. (WINV) depositing into the trust account for the extension?
What is the source of funds for WinVest Acquisition Corp.'s (WINV) extension deposit?
Why did WinVest Acquisition Corp. (WINV) extend its termination date?
