Insight Acquisition today in an 8-K said shareholders voted in favor of pushing the SPAC’s completion deadline to Dec. 7. In return the sponsor will deposit the lesser of $20,000 or 2 cents a share for each month required.
The SPAC said 481,865 shares were tendered for redemption. At the redemption price of $11.34 per share, that removed just under $5.5 million from the SPAC’s trust. As of May 13 Insight had said it held almost $11.4 million in trust.
Insight has a $110 million merger agreement with Alpha Modus, a technology company with a core focus on artificial intelligence in retail.
Terms of the deal include a potential $22 million earn out for Alpha Modus stockholders and a $7.5 million earn out for Insight’s sponsor, both payable through the issuance of the combined company’s common stock at $10 per share and based on the achievement of price targets.
The deal is not subject to a minimum cash closing condition.
Alpha Modus offers technology as a service. Its core technologies have been deployed on IBM’s Bluemix platform and earned a Beacon Award by IBM 2016 for Best New Application on IBM Cloud from an Entrepreneur. Alpha Modus has been recognized by IBM Watson as a thought leader in technology. Read more.
