Fintech Ecosystem Development said its board decided to extend the SPAC’s merger deadline from June 21 to July 21. The sponsor deposited $110,000 into trust for the extension, the third of 12 available one-month extensions up to April 2024.
Fintech Ecosystem Development last month said it terminated a merger agreement with Rana Financial, claiming the target failed to provide required financial statements and an auditor’s report by deadline.
The Rana deal had at an implied $78 million enterprise value.
Fintech Ecosystem also has a pending deal with Mobitech International (dba Afinoz), at an implied $120 million enterprise value.
The original deal terms called for Rana and Afinoz to be merged with Fintech Ecosystem.
Fintech Ecosystem is 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.
The SPAC raised $100 million in an October 2021 IPO. Read more.
