SoFi CEO enters prepaid forward contract on 1.5 million shares
WinVest Acquisition Corp. (OTC:WINV), a $39.33 million market cap blank check company currently trading at $11.32, announced Wednesday it has drawn $30,000 under an unsecured promissory note from its sponsor, WinVest SPAC LLC, to extend the deadline for completing an initial business combination. The funds were deposited into the company’s trust account to move the termination date from July 17, 2025, to August 17, 2025.
According to a statement based on a SEC filing, this drawdown is the second of up to three possible installments of $30,000 each under the $90,000 promissory note issued on June 16, 2025. The note does not bear interest and matures upon the earlier of the closing of a business combination or the company’s liquidation.
If WinVest Acquisition Corp. does not complete a business combination, the promissory note will be repaid only from funds remaining outside the trust account, if any. The deposited amount will be distributed either to holders of public shares upon liquidation or to those who elect redemption in connection with a business combination.
WinVest Acquisition Corp. is a blank check company incorporated in Delaware. Its securities, including common stock (OTC:WINV), units (OTC:WINVU), warrants (OTC:WINVW), and rights (OTC:WINVR), are listed on OTC Markets Group Inc. InvestingPro subscribers can access additional insights, including 7 more key ProTips and comprehensive financial metrics to better evaluate this SPAC’s potential.
This information is based on a press release statement and the company’s SEC filing.
In other recent news, WinVest Acquisition Corp. has announced the adjournment of its special meeting of stockholders, initially set for May 30, 2025. The meeting was adjourned to allow for further proxy solicitation and is now scheduled to reconvene on June 27, 2025. This special meeting is crucial for the proposed initial business combination involving WinVest Acquisition Corp., WinVest (BVI) Ltd., Xtribe P.L.C., and Xtribe (BVI) Ltd. The merger aims to form a combined entity to continue Xtribe’s operations. Stockholders have been encouraged to review the proxy statement/prospectus filed with the SEC and available online, with the opportunity to vote before or during the reconvened meeting. Importantly, the adjournment extends the deadline for stockholders to submit their shares for redemption in connection with the business combination to June 25, 2025. Stockholders may also withdraw previously submitted redemption requests until the reconvened meeting. This development is part of the ongoing process to finalize the merger, with forward-looking statements indicating the expected timing and likelihood of completion. Investors are advised to consult all relevant documents filed with the SEC for detailed information regarding the business combination.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.