SAN FRANCISCO, CA – ExcelFin Acquisition Corp. (NASDAQ:XFIN), a special purpose acquisition company (SPAC), announced today the anticipated closure of its previously disclosed business combination on September 30, 2024. This announcement follows a special meeting held on Thursday where ExcelFin's Class A common stockholders approved the merger.
At the special meeting, stockholders were given the option to redeem their shares for cash. The redemption price for shares tendered in connection with the merger's closing is expected to be approximately $11.07 per share. The company has confirmed that all conditions for the merger's completion are expected to be met or waived by the closing date.
ExcelFin operates within the blank check sector under the industrial classification of Blank Checks [6770] and is headquartered at 100 Kingsley Park Drive, Fort Mill, South Carolina. The business combination is a significant step for the company, which has been preparing for this event since the announcement of the proposed merger.
The financial instruments related to ExcelFin, including units, Class A common stock, and redeemable warrants, are traded on The Nasdaq Stock Market under the symbols XFINU, XFIN, and XFINW respectively. Each unit consists of one share of Class A common stock and one-half of one redeemable warrant, with each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50.
The completion of the business combination is a pivotal event for ExcelFin and its shareholders, marking the culmination of the process that began with the initial announcement of the merger. The company's management team, led by CEO and CFO Joe Ragan, is preparing for the transition as they move forward with the combined entity.
In other recent news, shareholders of ExcelFin Acquisition Corp. have approved a proposed merger and related charter amendments. The business combination proposal, which includes the merger of a wholly-owned subsidiary of the newly formed holding company PubCo with ExcelFin Acquisition Corp., received an overwhelming majority of votes in favor. Similarly, the Charter Amendments Proposal and the Advisory Charter Amendment Proposal were also approved.
ExcelFin Acquisition Corp. has received a delisting notice from Nasdaq due to non-compliance with the minimum publicly held shares requirement. The company has been given 45 days to submit a plan to regain compliance, with the possibility of an extension of up to 180 days if the plan is accepted.
Furthermore, ExcelFin Acquisition Corp. has amended its existing promissory note with its sponsor, ExcelFin SPAC LLC, extending the maturity date to align with the new business combination deadline of December 25, 2024. The total principal amount of the note remains at up to $1,500,000.
InvestingPro Insights
As ExcelFin Acquisition Corp. (NASDAQ:XFIN) approaches the closure of its business combination, investors may benefit from additional financial insights. According to InvestingPro data, the company's market capitalization stands at $75.45 million, reflecting its current valuation as a SPAC.
InvestingPro Tips highlight some important aspects of XFIN's financial position. The company is not profitable over the last twelve months, which is typical for SPACs prior to completing their business combinations. Additionally, XFIN's short-term obligations exceed its liquid assets, a factor that potential investors should consider when evaluating the company's financial health post-merger.
Interestingly, XFIN's stock price often moves in the opposite direction of the market, as noted by InvestingPro. This characteristic could be particularly relevant for investors looking to diversify their portfolios in the current market environment.
For those seeking a more comprehensive analysis, InvestingPro offers 3 additional tips that could provide valuable insights into XFIN's investment potential. These tips, along with real-time metrics and expert analysis, are available to InvestingPro subscribers, offering a deeper understanding of the company's financial landscape as it transitions through this critical merger phase.
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