Inception Growth Acquisition announced that the company deposited $100,000 into trust to extend its deal deadline from March 13 to April 13.
The SPAC has a merger agreemnt with AgileAlgo, an AI company that powers enterprise-grade natural language code generators for machine learning and data management platforms to disrupt the software consulting industry.
Inception Growth last September announced the AgileAlgo acquisition at an equity value of $160 million.
If approved, upon closing the combined company will be organized in the British Virgin Islands and renamed Prodigy with shares expected to list on the Nasdaq under the ticker symbol PRGY.
In addition to the $160 million consideration, an unspecified number of earnout shares would be subject to vesting — and forfeiture if the consolidated gross revenues of the merged company and its subsidiaries during the three fiscal-quarter periods beginning Oct. 1, 2024 do not equal or exceed $15 million, based on a sliding scale where all of earnout shares will be forfeited if revenues do not exceed $7.5 million.
Inception Growth raised $90 million in a December 2021 IPO. Read more.
