Daily SPAC Update – April 25, 2024

by | Apr 25, 2024

XFIN Extension Vote. SCRM Non-Redemption Agreement. INAQ Fires CEO/CFO After Improper Trust Actions.

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Daily SPAC Update

XFIN – EXCELFIN ACQUISITION CORP * vote April 25, 2024 -> extend to July 25, 2024; 2 1-month extensions

ISRL – ISRAEL ACQUISITIONS CORP * Merger agreement amendment
GPAC – GLOBAL PARTNER ACQUISITION CORP II * Merger agreement amendment
FNVT – FINNOVATE ACQUISITION CORP * Trust update * trust $11.32

INAQ – INSIGHT ACQUISITION CORP: CEO / CFO Removed After Misuse of Trust Funds
SPACs are never too surprising, but it was interesting to see the board of INAQ identify improper use/movement of trust funds, remediate the issues, and take action to change personnel. Here is a quick summary of what happened, but read the linked filing for full details.

1. Trust Withdrawal: Between March and December 2023, the company withdrew $2,497,248.57 from its Trust Account for tax payments and business expenses. Chief Financial Officer Jeff Gary facilitated these withdrawals. Subsequently, $1,049,359.40 intended for taxes was used for business expenses but later repaid in full to the Trust Account by the Sponsor, with additional reimbursement for interest.

2. Transfer of Funds to Sponsor: Jeff Gary transferred $891,000 from the company’s operating account to the Sponsor. Upon discovery, the board instructed Gary to have the funds returned, which was done between October and November 2023.

3. Resignation and Personnel Changes: Jeff Gary resigned as a director of the company on April 21, 2024, and was removed from his positions as Chief Executive Officer and Chief Financial Officer. He was appointed as an Assistant Finance Manager. Michael Singer was appointed as the new Chief Executive Officer, and Glenn Worman was engaged as the new Chief Financial Officer.

These actions were taken in response to the conduct of Jeff Gary, with measures implemented to address the financial issues and ensure appropriate leadership within the company.

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5.99% ~ $ 11.67 | COOL – Corner Growth Acquisition Corp. (Announced)
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-3.76% ~ $ 11.53 | FHLT – Future Health ESG Corp. (Pre-Deal)

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