Inception Growth Acquisition deposited $50,000 into trust to push its completion deadline back to July 13. This is the first of six monthy extensions shareholders approved at the annual meeting on June 4.

Terms of the extension plan call for monthly deposits of the lesser of $50,000 or 4 cents a share.

The SPAC continues working to finalize a merger with AglieAlgo.

The target is a British Virgin Islands company that, through its singapore-based subsidiary, AgileAlgo Pte Ltd., is a maker of enterprise-grade natural language code generator for machine-learning and data management platforms. 

Terms call for AgileAlgo investors to receive 14 million new shares at $10 each in exchange for their shares. The SPAC, led by sponsor Soul Ventures Partners, announced the AgileAlgo acquisition last September, initially at an equity value of $160 million.

In addition to the stock consideration, an unspecified number of earnout shares would be subject to vesting — and forfeiture if the consolidated gross revenues of the merged company and its subsidiaries during the three fiscal-quarter periods beginning Oct. 1, 2024 do not equal or exceed $15 million, based on a sliding scale where all of earnout shares will be forfeited if revenues do not exceed $7.5 million. Read more.

Source: Inception Growth Adds a Month for K