Fintech Ecosystem Development adjourned today’s shareholder meeting until April 20, when an extension vote is expected.
As a result, the redemption deadline has been pushed back to April 18. Fintech Ecosystem wants to move the merger deadline to April 2024.
Before the reconvened meeting next week, the SPAC plans to modify terms of the extension agreement. Currently, the proposal calls for the sponsor to deposit 5.5 cents a share into trust for each month required if the extension is approved.
The amended proposal calls for the lesser of 5.5 cents a share or $110,000 to be deposited for each month of the extension period.
Fintech Ecosystem has a deal in hand with Rana Financial and Mobitech, which are developing a global digital financial ecosystem to allow consumers and businesses to use mobile devices and the Internet to efficiently perform financial transactions such as money transfers and remittances, local & international P2P, multi-currency B2B payments, global lending, merchant payments, agent networks, and mobile wallet payments.
Announced in September, a subsidiary of the SPAC would be merged with Rana, and Fintech Ecosystem will purchase Mobitech (dba Afinoz), with Rana and Afinoz surviving the transactions as wholly-owned subsidiaries of Fintech Ecosystem. Rana serves mostly Latin America, while Afinoz is focused on India.
The deals at announcement were valued at $198 million. Read more.
