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.
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