Fintech Ecosystem Development Corp. (FEXD) Adjourns Extension Vote
by Marlena Haddad on 2023-04-11 at 5:13pm

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.

Recent Posts
by Kristi Marvin on 2024-06-22 at 11:30am

Terms Tracker for the Week Ending June 21, 2024 Programming Note: An abbreviated version of the Terms Tracker will be posted next week.  In light of the end of the quarter, we will be busy putting together our Half-Year report which should be posted the first week of July.  Welcome to our weekly column where...

by Nicholas Alan Clayton on 2024-06-21 at 11:46am

Future Vision II (NASDAQ:FVNNU) has filed for a $50 million IPO to hunt for a TMT target in Asia including intelligent chips, 5G and other emerging technologies there. Given the heightened competition and trade protectionism around these technologies lately, it is interesting that Future Vision II hasn’t ruled out combining with a Chinese target. In...

by Nicholas Alan Clayton on 2024-06-21 at 8:12am

At the SPAC of Dawn Every public company wants retail investor engagement, but once brought along, those investors require a bit of educating as well. Nuclear fission firm Oklo (NYSE:OKLO) is discovering that this week as it made a point to put out a press release explaining that its most recent S-1 filing was a...

by Nicholas Alan Clayton on 2024-06-20 at 3:41pm

Voyager (NASDAQ:VASHU) has filed for a SPAC IPO featuring many of the now increasingly familiar terms pushed by underwriter Cantor Fitzgerald over the past month, but does include a novel dollar figure for its raise at $261 million, before any over-allotments. Outside of this, Voyager’s trust is funded to 100.00% with $10.00 per unit to...

by Kristi Marvin on 2024-06-20 at 12:29pm

Eleven new SPACs have filed since the beginning of June, and the number is 12 if we count the May 31st filing of Graf Global Corp.  Seven of those 12 are being underwritten by Cantor, which has always been a very active SPAC underwriter. But you know who else used to be very active? Credit...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved