Financials Acquisition said shareholders backed its new business combination deadline at a general meeting.
The SPAC focused on insurance technology now has until Dec. 31 to complete a deal. The original deadline was today.
Financials Acquisition raised £150 million from an April 2022 IPO. However, Insurance Insider reports that £130 million of shareholder capital was redeemed ahead of the extension vote.
While the SPAC has said a targeted has been indentified, the company has not been named. The business combination involves raising additional capital and becoming a listed operating company, as well as deploying funds into the Lloyds of London insurance market for reinvestment purposes. Read more.
