WinVest Acquisition Corp. (NASDAQ:WINV), a special purpose acquisition company, has announced an extension of its deadline to complete a business combination by one month, supported by an additional financial injection from its sponsor. This development was disclosed in a regulatory filing with the SEC on Wednesday.
The company, headquartered in Cambridge, Massachusetts, reported that it had drawn down an additional $30,000 from an unsecured promissory note provided by WinVest SPAC LLC, its sponsor. This drawdown follows an initial borrowing of the same amount on June 12, 2024, bringing the total loaned amount to $60,000 of the $180,000 available under the promissory note.
The promissory note does not accrue interest and is set to mature at the earlier of the closing of a business combination or the company's liquidation. The funds drawn from the note are deposited into a trust account established during WinVest Acquisition Corp.'s initial public offering. In the event that a business combination is not realized, the repayment of the note will come from funds outside of the trust account.
The extension moves the deadline for completing a business combination from July 17, 2024, to August 17, 2024. Should the company liquidate, the deposited funds will be distributed to all holders of the company's common stock issued during the IPO or to those who elect to redeem their shares if a business combination is successfully consummated.
The filing also reiterates that the additional funds will be available to public shareholders upon the company's liquidation or to shareholders who opt for redemption in connection with a business combination.
This announcement is based on the information contained in a Form 8-K filed by WinVest Acquisition Corp. with the Securities and Exchange Commission.
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