Insight Acquisition shareholders approved extending the SPAC’s termination date in monthly increments up to June 7, 2024, according to an 8-K. In return, the sponsor will deposit the lesser of $20,000 or 2 cents a share into trust for each month required.
The SPAC said 1,847,662 shares were redeemed, amounting to 21% of the 8,848,607 outstanding shares on the record date.
Insight last month called off a deal with Avila Energy by mutual agreement. As part of the termination, Avila agreed to pay Insight $300,000 as partial reimbursement of its costs. Read more.
