Inception Growth Acquisition said it deposited $100,000 into trust to extend the completion deadline for an additional month to June 13. The SPAC also said it has transferred its listing to the Nasdaq Capital Market from the Nasdaq Global, effective today.
The SPAC has a merger agreement with AgileAlgo, 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.
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.
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.
Inception Growth raised $90 million in a December 2021 IPO. As of Dec. 31, 2023, there was just over $32 million remaining in trust. Read more.
