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 a one-month extension of its deadline to complete an initial business combination, moving from November 17, 2024, to December 17, 2024. The extension was approved by the Board of Directors to provide additional time for completion. In connection with this extension, $30,000 (approximately $0.061 per unredeemed share) will be deposited into the trust account through a drawdown from an existing $180,000 unsecured promissory note issued to WinVest SPAC on June 12, 2024.
Positive
- Additional funding of $30,000 secured for trust account
Negative
- Extension indicates delay in finding/completing business combination
- Additional dilution of approximately $0.061 per unredeemed share
- Increased dependence on promissory note funding
Insights
This SPAC extension and trust account contribution represents a critical development for WinVest Acquisition Corp. The
The one-month extension to December 17, 2024 suggests mounting pressure to secure a business combination. With multiple extensions already utilized, investors should closely monitor the SPAC's progress in identifying and closing a potential deal. The relatively small trust account contribution and repeated extensions could signal challenges in finalizing a suitable target, potentially impacting redemption decisions for current shareholders.
Cambridge, MA, Nov. 14, 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 November 17, 2024 to December 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
When is WinVest Acquisition Corp's (WINV) new termination date?
How much is WinVest Acquisition Corp (WINV) contributing to the trust account for the extension?
What is the purpose of WINV's termination date extension?
What is the total amount of the promissory note issued by WINV to WinVest SPAC ?
