INFINT Acquisition said it will support a proposed deadline extension through the deposit of 18 cents a share (up to $900,000) for every share not redeemed by tomorrow’s shareholder vote. The SPaC wants to push its deal deadline back to March 23, 2023.
The SPAC said it needs more time to finalize its merger deal with Seamless, a global fintech platform.
Assuming no redemptions by INFINT shareholders, the combined company would have up to $189 million of cash on its balance sheet following the transaction.
Shareholders who want to get out before the merger vote can expect a per-share redemption price of $10.15, according to the proxy filing.
The Seamless banking platform operates in more than 150 countries. Read more.