WinVest Acquisition shareholders approved pushing the SPAC’s completion deadline to Dec. 17. The vote had been postponed from last week as the SPAC’s management tried to persuade some shareholders to reverse redemptions.
Going into the vote, 650,790 shares were redeemed for $11.32 per share, or $7,367,203.65, according to an 8-K filing. WinVest last week disclosed that 725,790 shares had been redeemed, so the effort to reverse redemptions was partially successful.
The trust now holds approximately $5,573,406.91 and 492,333 shares remain outstanding.
WinVest last 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.
