INFINT Acquisition saids it will ask shareholders for another deadline extension that if approved would give the SPAC until Aug. 23 to close its deal with Seamless, a global fintech platform. The Seamless banking platform operates in more than 150 countries.
If the extension is approved, the SPAC agrees to deposit the lesser of $290,000 or 6 cents a share into trust for each month required until the deal closes.
At deal announcement in August, assuming no redemptions by INFINT shareholders, Seamless was expected to have up to $189 million of cash on its balance sheet following the transaction. Read more.