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Item 7.01. Regulation FD Disclosure.
On August 16, 2024, Fintech Ecosystem Development Corp. (the “Company”) issued a press release announcing that due to the Company’s inability to consummate an initial business combination or fund an extension within the time period required by its Amended and Restated Certificate of Incorporation (the “Amended Charter”), the Company intends to dissolve and liquidate in accordance with the provisions of its Amended Charter and will redeem all of the outstanding Class A common stock that were included in the units issued in its initial public offering (the “Public Shares”), at a per-share redemption price of approximately $10.69 (without giving effect to any interest that may be withdrawn to pay for taxes and dissolution expenses).
The Company has selected August 23 as the effective date for the purpose of determining when the holders of Public Shares will be entitled to receive their share of the liquidation proceeds. As of the close of business on August 29, 2024, the Public Shares will be deemed cancelled and will represent only the right to receive the redemption amount.
In order to provide for the disbursement of funds from the trust account, the Company has instructed the trustee of the trust account to take all necessary actions to liquidate the securities held in the trust account. The proceeds of the trust account will be held in a non-interest-bearing account while awaiting disbursement to the holders of the Public Shares. Record holders will receive their pro rata portion of the proceeds of the trust account by delivering their Public Shares to Continental Stock Transfer & Trust Company, the Company’s transfer agent. Beneficial owners of Public Shares held in “street name,” however, will not need to take any action in order to receive the redemption amount. The redemption of the Public Shares is expected to be completed within ten business days after August 16, 2024.
The Company’s sponsor has agreed to waive its redemption rights with respect to its outstanding Class B common stock issued prior to the Company’s initial public offering.
There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press Release, dated August 16, 2024 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FinTech ECOSYSTEM DEVELOPMENT Corp. | ||
| Date: August 16, 2024 | By: | /s/ Saiful Khandaker |
| Name: | Saiful Khandaker | |
| Title: | Chairman and Chief Executive Officer | |
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Exhibit 99.1
Press Release
Collegeville, PA, August 16, 2024.
Fintech Ecosystem Development Corp. (Nasdaq: FEXD) (the “Company”) announced the following today:
| ● | The Company anticipates that the Company cannot consummate an initial business combination within the time period required by its Amended and Restated Certificate of Incorporation. |
| ● | Accordingly, the Company intends to dissolve and liquidate in accordance with the provisions of its Amended and Restated Certificate of Incorporation. |
| ● | As part of that dissolution and liquidation, the Company will redeem all of the outstanding shares of Class A common stock that were included in its initial public offering (the “Public Shares”) at a per-share redemption price of approximately $10.69. |
The Company has selected August 23 as the effective date for the purpose of determining when the holders of Public Shares will be entitled to receive their share of the liquidation proceeds. As of the close of business on or before August 29, 2024, the Public Shares will represent the right to receive the redemption amount. Upon redemption such Public Shares will be deemed cancelled.
To provide for fund disbursements from the trust account, the Company has instructed the trust account’s trustee to take all necessary actions to liquidate the trust account. The trust account’s proceeds will be held in a non-interest-bearing account while awaiting disbursement to the holders of the Public Shares.
Record holders may redeem their shares for their pro-rata portion of the trust account’s proceeds by delivering their Public Shares to Continental Stock Transfer & Trust Company, the Company’s transfer agent. Beneficial owners of Public Shares held in “street name,” however, will not need to take any action to receive the redemption amount. The redemption of the Public Shares is expected to be completed on August 30, 2024.
The Company’s initial stockholders have waived their redemption rights with respect to its outstanding common stock issued before the Company’s initial public offering.
About Fintech Ecosystem Development Corp.
Fintech Ecosystem Development Corp. (Nasdaq: FEXD) is a special purpose acquisition company formed for the purpose of effecting one or more business combinations with an intent to focus on the financial technology sector. FEXD is sponsored by Revofast LLC and the management team led by Chief Executive Officer, President and founder Dr. Saiful Khandaker and a team of experienced Fintech business and technology innovators.
For additional information, please visit www.fintechecosys.com.
Forward-Looking Statements
This press release may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are based on the beliefs and reasonable assumptions of management, and actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. The Company undertakes no obligation to update any forward-looking statements after the date of this release, except as required by law.