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.
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