WinVest Acquisition said today’s shareholder meeting to vote on an extension is cancelled after the SPAC learned from Continental Stock Transfer and Trust that 725,790 shares had been redeemed for $11.22 per share. As of March 31, the SPAC had reported 1,143,123 shares outstanding.
WinVest said it needs more time to engage with its stockholders and solicit redemption reversals.
The meeting will now be held Monday, June 3 at 11 a.m. Eastern.
If approved, the SPAC would be able to extend its completion deadline up to Dec. 17 for monthly deposits of $30,000 into trust.
WinVest Earlier this month announced a merger agreement with Xtribe P.L.C. at an implied equity value of approximately $141 million. The target is a technology-driven platform that matches sellers of goods and services with local buyers through geolocation.
If the merger is approved, the combined company will be renamed Xtribe Holdings Limited and trade on the Nasdaq.
Xtribe’s platform is designed to enable individuals and businesses to easily trade goods and services either online or in-person by creating a virtual marketplace where users can discover, buy, and sell a wide range of products. With a focus on convenience and accessibility, Xtribe said it leverages advanced technologies, such as artificial intelligence and data analytics, to enhance the user experience.
WinVest originally raised $115 million in a September 2021 IPO with plans to target businesses in the financial services industry, with a particular focus on financial media, brokerage, banking, investing, and wealth management. Read more.
