fintech Ecosystem Development announced that its board has extended the merger deadline on a pair of deals from Jan. 21 to April 21.
In return for the extra time, the sponsor is expected to deposit $1.15 million (10 cents a share) into trust before January 21, 2023.
Fintech Ecosystem said it needs the extra month to complete the acquisitions of fintech companies Rana Financial and Mobitech International. The business combinations value Rana at an implied $78 million enterprise value and Afinoz at an implied $120 million enterprise value. Read more.
Source: Fintech Ecosystem Sponsor to Pour .2M into Trust for 3-Month Extension to Close Rana Financial and Mobitech International Deals