WinVest Acquisition Corp. Announces Extension of Termination Date and Additional Contribution to Trust Account to Extend Termination Date
17 June 2023 - 7:07AM
WinVest Acquisition Corp. (NASDAQ: WINV, the “Company”), a special
purpose acquisition company, announced today that at a special
meeting of its stockholders held on June 12, 2023, the Company’s
stockholders voted in favor of a proposal to amend its amended and
restated certificate of incorporation, as amended (the “Charter”),
to extend the date by which the Company must consummate an initial
business combination (the “Termination Date”) from June 17, 2023 to
July 17, 2023 (the “Charter Extension Date”), and to allow the
Company, without another stockholder vote, to elect to extend the
Termination Date on a monthly basis for up to five times by an
additional one month (or such shorter period as may be requested)
each time after the Charter Extension Date, by resolution of the
Company’s board of directors, if requested by WinVest SPAC LLC, the
Company’s sponsor (the “Sponsor”), subject to the deposit by the
Sponsor or one or more of its affiliates, members or third-party
designees of $65,000 per monthly extension into the Company’s trust
account (the “Trust Account”). In connection therewith, on June 13,
2023, the Company issued an unsecured promissory note to the
Sponsor with a principal amount equal to $390,000. The promissory
note bears no interest and is convertible at the option of the
Sponsor upon the consummation of an initial business combination
into private warrants to purchase shares of the Company’s common
stock at a price of $0.50 per private warrant. Such private
warrants will be identical to the private placement warrants issued
to the Sponsor at the time of the Company’s initial public
offering.
At the special meeting, the Company’s
stockholders also voted in favor of (i) a proposal to effect a
corresponding amendment to the Investment Management Trust
Agreement by and between the Company and Continental Stock Transfer
& Trust Co. to extend the Termination Date and (ii) a proposal
to amend the Charter to eliminate the limitation that the Company
may not consummate an initial business combination unless it has
net tangible assets of at least $5,000,001 upon consummation of
such initial business combination.
On June 15, 2023, the Sponsor notified the
Company of its request to extend the Termination Date and deposited
into the Trust Account an aggregate of $65,000 (representing
approximately $0.051 per share of common stock issued in the
Company’s initial public offering that has not been redeemed), in
order to extend the period of time the Company has to complete an
initial business combination for an additional one (1) month
period, from June 17, 2023 to July 17, 2023. The purpose of the
extension is to provide time for the Company to complete an initial
business combination.
About WinVest
Acquisition Corp.
WinVest Acquisition Corp. is a blank check
company formed for the purpose of effecting a merger, share
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses.
Forward Looking Statements
This press release includes forward-looking
statements that involve risks and uncertainties. Forward looking
statements are statements that are not historical facts. Such
forward-looking statements, including statements about the
successful consummation of the Company’s initial business
combination, are subject to risks and uncertainties, which could
cause actual results to differ from those contemplated by the
forward looking statements. Forward-looking statements are subject
to numerous conditions, many of which are beyond the control of the
Company, including those set forth in the Risk Factors section of
the Company’s registration statement and prospectus for the
Company’s initial public offering and other reports filed with the
Securities and Exchange Commission. The Company expressly disclaims
any obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company’s expectations with respect
thereto or any change in events, conditions or circumstances on
which any statement is based, except as required by law.
Contact:
WinVest Acquisition Corp.Manish Jhunjhunwala(617) 658-3094
WinVest Acquisition (NASDAQ:WINV)
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