Fintech Ecosystem Development Buys Another Month for $110K

Ecosystem Development said its board decided to extend the SPAC's merger deadline from June 21 to July 21. The sponsor deposited $110,000 into trust for the extension, the third of 12 available one-month extensions up to April 2024.

Fintech Ecosystem Development last month said it terminated a merger agreement with Rana Financial, claiming the failed to provide required financial statements and an auditor's by deadline.

The Rana deal had at an implied $78 million enterprise value.

Fintech Ecosystem also has a pending deal with Mobitech International (dba Afinoz), at an implied $120 million enterprise value.

The original deal terms called for Rana and Afinoz to be merged with Fintech Ecosystem.

The SPAC raised $100 million in an October 2021 IPO. Read more.


Source: Fintech Ecosystem Development Buys Another Month for 0K