Insight Acquisition in an 8-K said it has pushed today's shareholder vote to consider an extension back to March 6 “to allow additional time for the company to engage with its stockholders.”
That will cut it close to the SPAC's March 7 termination deadline. The proposal pending before shareholders would give Insight up to six more months to complete a deal.
In January, the SPAC signed a preliminary non-binding leter of intent for a possible merger with Avila Energy in a transaction that assumes an enterprise value of the combined company of $185.28 million.
Avila is engaged in oil and natural gas production, pipelines and facilities, and is a licensed producer, explorer, and developer of energy in Canada.
Insight raised $240 million in a September 2021 IPO with plans at that time to focus on businesses in the fintech or financial services industry. The NYSE delisted the SPAC's warrants in January due to low price levels. Read more.
Source: Insight Acquisition Postpones Vote on Extension