SPACInsider Logo
Insight Acquisition Corp. (INAQ) Postpones Extension Vote
by Marlena Haddad on 2023-03-02 at 10:09am

Insight Acquisition Corp. (NYSE:INAQ) announced in an 8-K this morning that it postponed its extension vote today and will reconvene the special meeting at 10:00 a.m. ET on March 6.

The SPAC intends to use this additional to engage with its stockholders. Insight is currently facing a completion deadline of March 7, but is hoping to gain approval to extend this by an additional one month to April 7 and thereafter, at the discretion of the board, up to five times for an additional one month each time to September 7.

Stockholders also have a non-binding letter of intent to consider with oil and gas developer Avila Energy Corporation (CSE:VIK), which was signed just a few weeks ago.

As of now, Insight brings $241.2 million into the deal through its trust and values the transaction at an enterprise value of $185.28 million. There is no minimum cash condition for the transaction, but the parties may consider one or more financing alternatives, including a convertible note financing, to provide capital for the company following the closing, which is expected to occur later this year.

Insight Acquisition Corp. announced the pricing of its $240 million IPO in September 2021. The SPAC initially set out to focus its search on businesses in the fintech or financial services industry with an enterprise value of approximately $750 million to $1.5 billion.



Recent Posts
by Kristi Marvin on 2023-03-30 at 7:37pm

Ares Acquisition Corporation II (NYSE:AACT) filed its S-1 yesterday afternoon for a $400 million IPO, marking the second SPAC to file for an IPO in March and the largest since December 20, 2021, when Gores Holdings X Inc. filed for a $725 million SPAC. Ares II intends to focus its search on an established target...

by Marlena Haddad on 2023-03-30 at 5:39pm

Latest SPAC Liquidations: TCV Acquisition Corp. TCV Acquisition Corp. (TCVA) to Liquidate on April 13 TCV Acquisition Corp. (Nasdaq: TCVA) announced that it intends to dissolve and liquidate. It will redeem all of the outstanding Class A ordinary shares that were included in its initial public offering at a per-share redemption price of approximately $10.24. As...

by Marlena Haddad on 2023-03-30 at 5:02pm

DiamondHead Holding Corps. (NASDAQ:DHHC) announced that it has closed its combination with Great Southern Homes and the combined company will be renamed United Homes Group. The deal was approved by shareholders during a meeting last Thursday, and only 109,426 shares were redeemed in connection with the vote, but DiamondHead saw about 87% redemptions in total...

by Marlena Haddad on 2023-03-30 at 11:34am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  Volta sued over SPAC deal, Liberty Resources establishes M&A Transition Taskforce, and chancery validates SPACs’ charter amendments and share issuances  Volta Sued Over SPAC Deal as $169M Shell Sale Is Approved An investor sued...

by Nicholas Alan Clayton on 2023-03-30 at 7:07am

Maxpro Capital (NASDAQ:JMAC) announced that it has closed its combination with clinical-stage biotech firm Apollomics and the combined company’s shares and warrants are to begin trading today on the Nasdaq under the symbols “APLM” and “APLMW”, respectively. Apollomics is set to receive $21.35 million in proceeds from a PIPE that Maxpro announced in February and...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved