The Latest Non-Redemption Agreements: March 8, 2023
by Marlena Haddad on 2023-03-08 at 5:34pm

Latest Non-Redemption Agreements: Inception Growth and Byte


Inception Growth Acquisition Limited (IGTA) Adds Non-Redemption Agreement

On March 6, Inception Growth (NASDAQ:IGTA) and its sponsor, Soul Venture Partners LLC, entered into non-redemption agreements with certain unaffiliated third parties in exchange for such third parties agreeing not to redeem an aggregate of 2,100,000 shares of its common stock in connection with its extension vote on March 13.

The SPAC intends to extend its timeline by six months without having to make any payment to the trust account. In exchange, the sponsor has agreed to transfer up to 630,000 shares to the third parties following the meeting.

On March 7, Inception Growth and its sponsor entered into additional Non-Redemption Agreements with certain unaffiliated third parties holding an aggregate of 625,000 shares. In exchange for the foregoing commitments not to redeem, the sponsor has agreed to transfer up to 187,500 shares to the parties following the meeting.

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Byte Acquisition Corp. (BYTS) Inks Non-Redemption Agreement

On March 8, 2023, BYTE Acquisition Corp. (NASDAQ:BYTS) entered into non-redemption agreements with certain existing shareholders.

Pursuant to the non-redemption agreements, each of the shareholders agreed to not redeem 1,000,000 Class A Ordinary Shares in connection with the vote to extend the company’s completion date from March 23, 2023 to September 25, 2023, and vote their shares in favor of the extension.

In connection with the foregoing, the company agreed to pay to each Non-Redeeming Shareholder $0.033 per Share in cash per month through the Extended Date.

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