Fintech Ecosystem Development Corp. (NASDAQ:FEXD) announced that it will adjourn tomorrow’s extension vote and will reconvene the meeting at 10:00 am ET on April 20 in order to change the terms of the extension proposal.
In connection with the adjournment of the special meeting, Fintech Ecosystem is also extending the redemption deadline to 5:00 p.m. ET on April 18.
The SPAC intends to use this additional time to amend the terms of its extension proposal. Instead of the sponsor depositing an aggregate of $0.055 for each share that is not redeemed, it will now be changed to the lesser of $0.055 for each share not redeemed and an aggregate of $110,000.
As a result of this change, stockholders redeeming their shares after the extension may receive an amount per share that is less than they would have otherwise received under the original proposal.
Fintech Ecosystem is currently facing a completion deadline of April 21, 2023, but is hoping to gain shareholder approval to extend its timeline by a maximum of twelve additional one-month periods for a new deadline of April 21, 2024.
It announced its $198 million business combination with financial services providers Rana and Mobitech in September 2022. Rana and Mobitech provide digital borrowing and money transfer services to customers in Brazil and India, respectively.
Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...
At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....