Business Context and Reporting Period
This Form 8-K is filed by INFINT Acquisition Corporation (not Currenc Group Inc.) on September 13, 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 entry into a material definitive agreement regarding working capital financing.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, or operating margins, as the company is in the pre-business combination phase. The primary financial data point disclosed is the creation of a new direct financial obligation:
- New Debt Instrument: Unsecured promissory note issued to InFinT Capital LLC (the Sponsor).
- Principal Amount: Up to $400,000.
- Interest Rate: 0% (Non-interest bearing).
- Maturity Date: The date the Company consummates its initial business combination.
- Conversion Option: Upon business combination, the Sponsor may convert the principal into private placement warrants ("Working Capital Warrants") at a rate of $1.00 per warrant.
Material Changes Versus Prior Period
The Company amended, replaced, and superseded a previous promissory note dated May 1, 2023, which had a principal amount of up to $150,000. The new note increases the available working capital facility from $150,000 to $400,000. Any unpaid principal balance from the original note has been merged into this new instrument.
Guidance, Outlook, and Risks
Management Commentary: The issuance of the note is intended to provide working capital to the Company prior to its initial business combination. The transaction was executed pursuant to the exemption from registration under Section 4(a)(2) of the Securities Act of 1933.
Risks and Contingencies: The Note is subject to customary events of default. The occurrence of certain default events will automatically trigger the unpaid principal balance and all other sums payable to become immediately due and payable. The filing does not provide specific forward-looking guidance on the timing of a business combination.
Investor Verification Checklist
- Verify the exact terms of the "Working Capital Warrants" in the IPO prospectus dated November 22, 2021, to understand the conversion mechanics.
- Review the full text of the Amended and Restated Promissory Note (Exhibit 10.1) for specific default triggers.
- Confirm the current status of the Company's search for a target business combination, as the debt maturity is contingent on this event.
- Note that the registrant name in the filing is INFINT Acquisition Corporation, not Currenc Group Inc.