Inception Growth Acquisition filed a proxy seeking a deadline extension up to Dec. 13 as it continues working to finalize a merger with AglieAlgo.
The target is a British Virgin Islands company that, through its Singapore-based subsidiary, AgileAlgo Pte Ltd., is a maker of enterprise-grade natural language code generator for machine-learning and data management platforms.
If the extension is approved, the new deadline will mark the three-year anniversary of the SPAC’s $90 million IPO. Inception Growth is now down to about $33 million in trust as of May 10, according to the proxy.
Terms call for AgileAlgo investors to receive 14 million new shares at $10 each in exchange for their shares. The SPAC, led by sponsor Soul Ventures Partners, announced the AgileAlgo acquisition last September, initially at an equity value of $160 million.
In addition to the stock 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. Read more.
