WinVest Acquisition Corp. (WINV) Announces Intention to Extend Termination Date

March 14, 2023 4:57 PM EDT

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WinVest Acquisition Corp. (NASDAQ: WINV, the “Company”), a special purpose acquisition company, announced today that its Board of Directors (the “Board”) has approved an extension of the period of time available to the Company to consummate an initial business combination by one month from March 17, 2023 to April 17, 2023 (the “Termination Date”), as permitted under the Company’s Amended and Restated Certificate of Incorporation, as amended. The purpose of the extension is to provide additional time for the Company to complete an initial business combination.

In connection with the extension, WinVest SPAC LLC, the Company’s sponsor (the “Sponsor”), will deposit $125,000 (representing approximately $0.066 per unredeemed share of common stock issued in the Company’s initial public offering) into the trust account established in connection with the Company’s initial public offering pursuant to the Company’s fourth drawdown upon an unsecured promissory note in the aggregate principal amount of $750,000 issued by the Company to the Sponsor on December 5, 2022. The promissory note bears no interest and is convertible at the option of the Sponsor upon the consummation of an initial business combination into private warrants to purchase shares of the Company’s common stock at a conversion price of $0.50 per private warrant. Such private warrants will be identical to the private placement warrants issued to the Sponsor at the time of the Company’s initial public offering.

The Board may elect to further extend the Termination Date on a monthly basis until June 17, 2023 upon the deposit of an additional $125,000 into the trust account per monthly extension.

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