Business Context and Reporting Period
This Form 8-K is filed by INFINT Acquisition Corporation (not Currenc Group Inc.) on February 14, 2023. The registrant is a Cayman Islands-based Special Purpose Acquisition Company (SPAC) listed on the New York Stock Exchange under the symbols IFIN, IFIN.U, and IFIN.WS. The report details the results of an Extraordinary General Meeting held on February 13, 2023, regarding an extension of the deadline to consummate an initial business combination.
Key Financial Metrics and Liquidity
- Share Redemptions: Holders of 10,415,452 Class A ordinary shares exercised their right to redeem shares.
- Redemption Price: Approximately $10.49 per share.
- Total Redemption Amount: Approximately $109.31 million.
- Remaining Trust Account Balance: Approximately $100.59 million following redemptions.
- Voting Participation: 23,100,398 ordinary shares (approximately 89.422% of issued and outstanding shares) were represented at the meeting.
Material Changes
The primary material change is the approval of an amendment to the Company's Charter. This amendment extends the deadline for the Company to consummate its initial business combination from February 23, 2023, to August 23, 2023. This extension was approved by shareholders, satisfying the requirement for an affirmative vote of at least two-thirds of the ordinary shares voting together as a single class.
Outlook, Risks, and Management Commentary
- Extension Approval: The Extension Proposal received 20,399,228 votes "For" and 2,701,170 votes "Against" with zero abstentions.
- Operational Impact: The Company now has an additional six months to identify and complete a merger or acquisition target.
- Liquidity Impact: The significant redemption activity reduced the cash available in the trust account, which may impact the size of potential future transactions.
- Legal Status: Under Cayman Islands law, the Charter amendment took effect immediately upon shareholder approval.
Investor Verification Checklist
- Verify the exact remaining balance in the trust account ($100.59 million) and any interest earned since the filing date.
- Confirm the number of shares outstanding post-redemption to calculate the new pro-forma share count.
- Review the "Second Amended and Restated Memorandum and Articles of Association" (Exhibit 3.1) for any other changes to governance or liquidation terms.
- Monitor subsequent filings for updates on the search for a target business combination before the new August 23, 2023 deadline.