Insight Acquisition in a supplemental proxy filing said as of May 13 it held approximately $11,349,292 in its trust account. That’s $628,758 less that the initially reported amount and is owed to stockholders who redeemed shares on an extension vote last September.
The SPAC has scheduled a June 5 meeting for shareholders to vote on an extension proposal that would authorize six more months to complete the $110 million merger with Alpha Modus, a technology company with a core focus on artificial intelligence in retail.
If the extension is approved, the SPAC’s sponsor would deposit the lesser of $20,000 or 2 cents a share for each month up to the new deadline.
Terms for the Alpha Modus deal also 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.
