In a recent SEC filing, Inception Growth Acquisition Ltd (NASDAQ:IGTA), a special purpose acquisition company with a market capitalization of $45.84 million, announced an amendment to its existing Business Combination Agreement with AgileAlgo Holdings Ltd. This amendment, dated Monday, extends the deadline for completing the proposed business combination to March 31, 2025. According to InvestingPro data, IGTA currently trades at $11.89, with notably low price volatility compared to the broader market.
The extension reflects the second amendment to the original agreement, which was initially set to conclude by November 30, 2024. The terms now include a provision allowing AgileAlgo to terminate the agreement if IGTA's common stock is delisted from the Nasdaq and not relisted on either the Nasdaq or the New York Stock Exchange by the new deadline. InvestingPro analysis indicates that IGTA's financial health score stands at FAIR, with subscribers having access to over 6 additional exclusive ProTips about the company's financial position.
The original Business Combination Agreement, signed on September 12, 2023, outlined the merger between IGTA and AgileAlgo, with the latter's shareholders, owning approximately 88.3% of AgileAlgo’s issued and outstanding shares, entering into the agreement.
The filing also details that in the event of legal proceedings against any parties to the agreement following its announcement, or if the merger is not completed in a timely manner, there could be adverse effects on the price of IGTA’s securities. Additionally, the agreement's completion is subject to several conditions, including stockholder approval.
IGTA is classified as an emerging growth company and has securities registered with the Nasdaq Stock Market LLC, including units, common stock, redeemable warrants, and rights.
In other recent news, Inception Growth Acquisition Ltd, a special purpose acquisition company, is set to be delisted from The Nasdaq Capital Market due to non-compliance with the exchange's listing requirements. The company's securities will be formally removed from Nasdaq after failing to complete a business combination within the required 36-month period post-IPO.
Inception Growth Acquisition Ltd has also made progress on its merger with AgileAlgo Holdings Ltd. The company has secured an extension to the Standby Equity Purchase Agreement (SEPA), signaling continued investor support. Additionally, it has reached a Sponsor Loan Conversion Agreement with Soul Venture Partners LLC and an agreement with EF Hutton LLC.
Furthermore, the company has proposed an extension to its trust account, potentially delaying the commencement of liquidation by up to six months. It has issued a non-interest bearing promissory note to its sponsor, Soul Venture Partners LLC, with a principal amount of $420,000, due upon the closing of a business combination.
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