KINS Technology Group in an 8-K said todays shareholder meeting to vote on the proposed merger with Inpixon has been postponed until Friday at 1:30 p,m. Western time “to allow additional time for the Company to engage with its stockholders.”
Redemptions ahead of extension votes over the last nine months have erased about 99% of the SPAC’s cash in trust.
KINS Capital has agreed to vote their Class B common stock and any other shares of KINS common stock owned by it in favor of the deal.
On June 10, ahead of an extension vote, 96.6% of the then-outstanding shares were redeemed, resulting in 938,090 shares of Class A common stock remaining. On Dec. 9, ahead of another extension vote, 550,539 shares (58.7% of the then-outstanding stock) were redeemed. That left 387,551 shares. As a result, the sponsor’s 6,150,000 Founder Shares currently represent approximately 84.39% of the total voting power of the SPAC. Accordingly, it is expected that the shares of KINS common stock held by the sponsor will be sufficient to establish quorum and to pass the charter amendment proposal, the filing states.
Inpixon’s platform offers a suite of workplace experience solutions including an enterprise workplace application, events platform, indoor mapping and augmented reality technologies, targeting the emerging hybrid workplace market to provide enhanced experiences across people, places, and things. Read more.
