Business Context and Reporting Period
This Form 8-K filing by Insight Acquisition Corp. (not Alpha Modus Holdings, Inc.) covers events occurring on September 6, 2023, regarding the Company's Annual Meeting of Stockholders. The Company is a Special Purpose Acquisition Company (SPAC) listed on The Nasdaq Stock Market under the symbols INAQ, INAQW, and INAQU.
Key Financial Metrics and Liquidity
The filing does not provide standard financial statements, revenue, profit, or cash flow data. Key liquidity and capital structure events reported include:
- Redemptions: 1,847,662 shares were tendered for redemption in connection with the stockholders' vote.
- Trust Account Deposit: On September 7, 2023, the Company deposited $20,000 into the Trust Account to fund the first month of an extension.
- Extension Terms: The Company may extend its Business Combination Period by up to nine additional one-month periods. Each extension requires a deposit of the lesser of $20,000 or $0.02 per outstanding share sold in the IPO.
Material Changes Versus Prior Period
The primary material change is the extension of the deadline to consummate an initial business combination. Previously set for September 7, 2023, the deadline has been extended to June 7, 2024, contingent upon the successful deposit of extension funds into the Trust Account.
Guidance, Outlook, and Corporate Actions
Corporate Governance and Voting Results:
- Charter Amendment: Stockholders approved the Second Amendment to extend the termination date. Voting results: 6,962,406 FOR, 176,975 AGAINST, 0 ABSTAIN.
- Director Election: David Brosgol was elected as a director to serve until the 2026 annual meeting. Voting results: 6,962,406 FOR, 176,975 WITHHELD.
- Auditor Ratification: WithumSmith+Brown PC was ratified as the independent registered public accounting firm for the year ending December 31, 2023. Voting results: 7,139,201 FOR, 0 AGAINST.
Outlook: The Company now has until June 7, 2024, to complete a business combination, provided it continues to make the required monthly deposits into the Trust Account.
Important Facts for Investor Verification
- Verify the total number of shares remaining outstanding after the redemption of 1,847,662 shares.
- Confirm the current balance in the Trust Account following the $20,000 deposit.
- Monitor future filings to ensure the Company makes the required monthly deposits to maintain the extension through June 7, 2024.
- Note that the filing explicitly states it is not an offer to sell securities or a solicitation of a proxy for a business combination.