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 from October 17, 2024, to November 17, 2024. This one-month extension, approved by the Board of Directors, aims to provide additional time for the company to complete an initial business combination. In connection with this extension, $30,000 (approximately $0.061 per unredeemed share of common stock from the initial public offering) will be deposited into the trust account. This deposit is part of the fifth drawdown on an unsecured non-interest-bearing promissory note with a principal amount of $180,000, issued by the company to WinVest SPAC on June 12, 2024.

Positive

• Extension provides additional time to complete an initial business combination
• Additional $30,000 deposited into trust account

Negative

• Delay in completing initial business combination
• Increased debt through promissory note drawdown

News Market Reaction

%

1 alert

% News Effect

On the day this news was published, WINV declined NaN%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Cambridge, MA, Oct. 11, 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 October 17, 2024 to November 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, $30,000 (representing approximately $0.061 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 pursuant to the Company’s fifth drawdown upon an unsecured non-interest-bearing promissory note in the aggregate principal amount of $180,000 issued by the Company to WinVest SPAC LLC (the “Sponsor”) on June 12, 2024.

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)?

The new termination date for WinVest Acquisition Corp. (WINV) is November 17, 2024, extended from the previous date of October 17, 2024.

How much money is being added to WINV's trust account for the extension?

WinVest Acquisition Corp. (WINV) is adding $30,000 to its trust account in connection with the extension, which represents approximately $0.061 per unredeemed share of common stock from the initial public offering.

What is the purpose of WINV's termination date extension?

The purpose of the termination date extension is to provide WinVest Acquisition Corp. (WINV) with additional time to complete an initial business combination.

How is WINV funding the additional contribution to the trust account?

WINV is funding the additional contribution through a drawdown on an unsecured non-interest-bearing promissory note with a principal amount of $180,000, issued to WinVest SPAC on June 12, 2024.