S-4 Filing

The target is a Hispanic-led and founded provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the small to medium-sized business market.

If the extension is granted and the deal is ultimately approved, the company would receive up to $345 million in proceeds from the SPAC’s cash in trust, assuming no redemptions.

SPAC management said they are unlikely to be able to secure a merger ageement and close a deal by deadline, while also recognizing the possible imposition of a 1% excise tax on stock repurchases under the Inflation Reduction Act of 2022 if Arena Fortify were to liquidate after Dec. 31.

Jaws Mustang raised $900 million in a February 2021 IPO with plans to focus on businesses in North America and Europe "that have a clear path to organic and inorganic growth, formidable barriers to entry, exceptional management, and strong underlying demand drivers."

Fintech-focused FTAC Zeus raised $402.5 million in a November 2021 IPO.

The proposal calls for up to four four-month extensions until December 2023.

Monument Circle completed an upsized $250 million IPO in January 2021. The SPAC is focused on businesses in the media, technology, sports and entertainment sectors.

The SPAC last month pushed the deadline back to Jan. 22. In the latest regulatory filing, FoxWayne seeks an extension until at least April 22, 2023 and the authority to extend again if necessary, until July, without another shareholder vote.

The most recent extension on the deal with the Stablecoin issuer was pushed back in June to Dec. 10.

Shareholders will also be asked to vote on a proposal to use accrued interest in the SPAC's trust to cover any excise tax imposed on stock redemptions or repurchases.