Business Context and Reporting Period
This Form 8-K is filed by INFINT Acquisition Corporation (not Currenc Group Inc.) on January 19, 2024. The registrant is a Cayman Islands-based special purpose acquisition company (SPAC) with Class A ordinary shares and Units trading on the New York Stock Exchange (NYSE) under the symbols IFIN and IFIN.U.
Key Financial Metrics
This filing is a current report regarding a listing compliance issue and does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The filing text does not provide a clear value for any financial metrics.
Material Changes
- Listing Non-Compliance: On January 19, 2024, the Company received a notice from the NYSE stating it is not in compliance with Section 802.01B of the NYSE Listed Company Manual.
- Reason for Non-Compliance: The number of public shareholders has fallen below the required minimum of 300.
- Immediate Impact: The notice has no immediate impact on the trading of Class A ordinary shares, provided the Company submits an acceptable plan.
Guidance, Outlook, and Risks
- Remediation Plan: The Company has 45 days to submit a business plan demonstrating how it expects to return to compliance within 18 months of receiving the notice.
- Management Expectation: Management expects that upon the completion of an initial business combination, the Company will have at least 300 public shareholders.
- Continued Listing: If the NYSE approves the plan, shares are expected to continue trading on the NYSE during the 18-month compliance period, subject to periodic review.
- Risks: The filing includes standard forward-looking statement disclaimers regarding the ability to timely prepare the business plan and other uncertainties detailed in the Company's Form 10-K.
Investor Verification Checklist
- Verify the current count of public shareholders to confirm the extent of the deficit below the 300-shareholder threshold.
- Monitor the submission of the business plan to the NYSE within the 45-day deadline.
- Review the status of the Company's search for an initial business combination, as this is the primary strategy cited for regaining compliance.
- Check for any subsequent filings regarding the NYSE's approval or rejection of the proposed compliance plan.