Insight Acquisition Corp Extends Business Combination Deadline to 2025
Deal News | Dec 06, 2024 | Globenewswire
Insight Acquisition Corp, a special purpose acquisition company (SPAC) listed on NASDAQ as INAQ, has successfully obtained approval from its stockholders to extend the deadline for completing a business combination. Originally set to conclude on December 7, 2024, the period has now been prolonged to March 7, 2025. This extension, effected through the Fourth Extension Amendment to the company's charter, was ratified by a 75.93% majority of shares held, surpassing the 65% required threshold. The SPAC was established to execute mergers or similar transactions with target businesses and is being sponsored by Insight Acquisition Sponsor LLC. Insight Acquisition Corp is in a business combination agreement with Alpha Modus, a company focused on enhancing retail digital experiences. Alpha Modus plans to become publicly traded through this merger. The resolution was filed with the Delaware Secretary of State.
Sectors
- Special Purpose Acquisition Companies (SPACs)
- Technology and Retail
Geography
- United States – Both Insight Acquisition Corp and Alpha Modus are based in the United States, specifically New York and North Carolina respectively, which influences the corporate regulations they follow.
Industry
- Special Purpose Acquisition Companies (SPACs) – Insight Acquisition Corp is a SPAC, which are companies created solely for merging with or acquiring another company to take it public. This sector is pertinent as the article focuses on extensions in deadlines for completing a merger.
- Technology and Retail – Alpha Modus is involved in technologies that enhance digital retail experiences. This sector describes the nature of the business activities of one of the key participants in the transaction.
Financials
- 75.93% – The percentage of Insight Acquisition Corp's outstanding shares that voted in favor of the business combination period extension.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Insight Acquisition Corp | Target | Company | A special purpose acquisition company listed on NASDAQ focused on effecting business combinations. |
| Alpha Modus | Business Combination Partner | Company | A company engaged in developing data-driven technologies to enhance consumers’ digital retail experiences, planning to become publicly traded through a merger with Insight Acquisition Corp. |
| Insight Acquisition Sponsor LLC | Sponsor | Company | The sponsor of Insight Acquisition Corp, responsible for its formation and provision of initial investment capital. |
| Shannon Devine | Public Relations | Person | A PR contact at MZ Group for Alpha Modus, involved in communications related to the business combination. |
| MZ Group | Public Relations Advisory | Company | A PR advisory firm representing Alpha Modus in the business combination transaction. |