Last Updated:
Searching
Create account to add to watchlist!
Create account to add to watchlist!

InFinT Acquisition Corp - IFIN

  • Commons

    $10.03

    +0.00%

    IFIN Vol: 0.0

  • Warrants

    $0.07

    +0.00%

    IFIN+ Vol: 0.0

  • Units

    $10.13

    +0.00%

    IFIN= Vol: 0.0

Average: 0
Rating Count: 0
You Rated: Not rated

Please log in to rate.

SPAC Stats

Market Cap: 202.0M
Average Volume: 6.3K
52W Range: $9.83 - $10.10
Weekly %: +0.60%
Monthly %: +0.80%
Inst Owners: 0

Info

Target: Searching
Days Since IPO: 226
Unit composition:
Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-half of one redeemable warrant
Trust Size: 17500000.0M

Management

Officers and Directors,” “Management — Conflicts of Interest” and “Certain Relationships and Related Party Transactions.” Our officers, directors, security holders and their respective affiliates may have competitive pecuniary interests that conflict with our interests. We have not adopted a policy that expressly prohibits our directors, officers, security holders or affiliates from having a direct or indirect pecuniary or financial interest in any investment to be acquired or disposed of by us or in any transaction to which we are a party or have an interest. In fact, we may enter into a business combination with a target business that is affiliated with our Sponsor, our directors or officers, although we do not intend to do so. Nor do we have a policy that expressly prohibits any such persons from engaging for their own account in business activities of the types conducted by us. Accordingly, such persons or entities may have a conflict between their interests and ours. The personal and financial interests of our directors and officers may influence their motivation in timely identifying and selecting a target business and completing a business combination. Consequently, our directors’ and officers’ discretion in identifying and selecting a suitable target business may result in a conflict of interest when determining whether the terms, conditions and timing of a particular business combination are appropriate and in our shareholders’ best interest. If this were the case, it would be a breach of their fiduciary duties to us as a matter of Cayman Islands law and we or our shareholders might have a claim against such individuals for infringing on our shareholders’ rights. See the section titled “Description of Securities — Certain Differences in Corporate Law — Shareholder Suits” for further information on the ability to bring such claims. However, we might not ultimately be successful in any claim we may make against them for such reason. 52 Our directors may decide not to enforce the indemnification obligations of our Sponsor, resulting in a reduction in the amount of funds in the trust account available for distribution to our public shareholders. In the event that the funds in the trust account are reduced below the lesser of (i) $10.00 per share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account if less than $10.00 per share due to reductions in the value of the trust assets, in each case less taxes payable, and our Sponsor asserts that it is unable to satisfy its obligations or that it has no indemnification obligations related to a particular claim, our independent directors would determine whether to take legal action against our Sponsor to enforce its indemnification obligations. While we currently expect that our independent directors would take legal action on our behalf against our Sponsor to enforce its indemnification obligations to us, it is possible that our independent directors in exercising their business judgment and subject to their fiduciary duties may choose not to do so in any particular instance if, for example, the cost of such legal action is deemed by the independent directors to be too high relative to the amount recoverable or if the independent directors determine that a favorable outcome is not likely. If our independent directors choose not to enforce these indemnification obligations, the amount of funds in the trust account available for distribution to our public shareholders may be reduced below $10.00 per share. We may engage in a business combination with one or more target businesses that have relationships with entities that may be affiliated with our Sponsor, officers, directors or existing holders which may raise potential conflicts of interest. In light of the involvement of our Sponsor, officers and directors with other entities, we may decide to acquire one or more businesses affiliated with our Sponsor, officers, directors or existing holders. Our directors also serve as officers and board members for other entities, including, without limitation, those described under “Management — Conflicts of Interest.” Such entities may compete with us for business combination opportunities. Our Sponsor, officers and directors are not currently aware of any specific opportunities for us to complete our initial business combination with any entities with which they are affiliated, and there have been no substantive discussions concerning a business combination with any such entity or entities. Although we will not be specifically focusing on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction if we determined that such affiliated entity met our criteria for a business combination as set forth in “Proposed Business — Effecting our initial business combination — Selection of a target business and structuring of our initial business combination” and such transaction was approved by a majority of our independent and disinterested directors. Despite our agreement to obtain an opinion from an independent investment banking firm which is a member of FINRA or a valuation or appraisal firm regarding the fairness to our company from a financial point of view of a business combination with one or more domestic or international businesses affiliated with our Sponsor, officers, directors or existing holders, potential conflicts of interest still may exist and, as a result, the terms of the business combination may not be as advantageous to our public shareholders as they would be absent any conflicts of interest. Since our Sponsor, officers and directors will lose their entire investment in us if our initial business combination is not completed (other than with respect to public shares they may acquire during or after this offering), a conflict of interest may arise in determining whether a particular business combination target is appropriate for our initial business combination. On April 27, 2021, our Sponsor paid $25,000, or approximately $0.005 per share, to cover certain of our offering costs in exchange for 5,031,250 founder shares. The purchase price of the founder shares was determined by dividing the amount of cash contributed to the company by the number of founder shares issued. The number of founder shares outstanding was determined based on the expectation that the total size of this offering would be a maximum of 20,125,000 units if the underwriter’s over-allotment option is exercised in full, and therefore that such founder shares would represent 20% of the outstanding shares after this offering. Up to 656,250 of the founder shares shall be surrendered for no consideration depending on the extent to which the underwriter’s over-allotment is exercised. The founder shares will be worthless if we do not complete an initial business combination. In addition, our Sponsor has committed to purchase an aggregate of 4,125,000 private placement warrants (or 4,453,125 warrants if the underwriter’s over-allotment option is exercised in full) for an aggregate purchase price of $4,125,000 (or $4,453,125 if the underwriter’s over-allotment option is exercised in full), or $1.00 per warrant. The private placement warrants will also be worthless if we do not complete our initial business combination. The personal and financial interests of our officers and directors may influence their motivation in identifying and selecting a target business combination, completing an initial business combination and influencing the operation of the business following the initial business combination. This risk may become more acute as the 18-month anniversary of the closing of this offering nears, which is the deadline for our completion of an initial business combination. 53 Our initial shareholders control a substantial interest in us and thus may exert a substantial influence on actions requiring a shareholder vote, potentially in a manner that you do not support. Upon closing of this offering, our initial shareholders will own 20% of our issued and outstanding ordinary shares (assuming they do not purchase any units in this offering). Accordingly, they may exert a substantial influence on actions requiring a shareholder vote, potentially in a manner that you do not support, including amendments to our amended and restated memorandum and articles of association. If our initial shareholders purchase any units in this offering or if our initial shareholders purchase any additional Class A ordinary shares in the aftermarket or in privately negotiated transactions, this would increase their control. Neither our initial shareholders nor, to our knowledge, any of our officers or directors, have any current intention to purchase additional securities, other than as disclosed in this prospectus. Factors that would be considered in making such additional purchases would include consideration of the current trading price of our Class A ordinary shares. In addition, our board of directors, whose members were appointed by our Sponsor, is and will be divided into three classes, each of which will generally serve for a terms for three years with only one class of directors being appointed in each year. We may not hold an annual general meeting to appoint new directors prior to the completion of our initial business combination, in which case all of the current directors will continue in office until at least the completion of the business combination. If there is an annual general meeting, as a consequence of our “staggered” board of directors, only a minority of the board of directors will be considered for appointment and our initial shareholders, because of their ownership position, will have considerable influence regarding the outcome. In addition, the Company has agreed not to enter into a definitive agreement regarding an initial business combination without the prior consent of our Sponsor. Accordingly, our initial shareholders will continue to exert control at least until the completion of our initial business combination. Unlike some other similarly structured special purpose acquisition companies, our initial shareholders will receive additional Class A ordinary shares if we issue certain shares to consummate an initial business combination. The founder shares will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of our initial business combination on a one-for-one basis, subject to adjustment for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares or equity-linked securities are issued or deemed issued in connection with our initial business combination, the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, 20% of the total number of Class A ordinary shares outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by public shareholders), including the total number of Class A ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity- linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial business combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the initial business combination and any private placement warrants issued to our Sponsor, officers or directors upon conversion of working capital loans; provided that such conversion of founder shares will never occur on a less than one-for-one basis. 54 Our initial shareholders paid an aggregate of $25,000, or approximately $0.005 per founder share, and, accordingly, you will experience immediate and substantial dilution from the purchase of our Class A ordinary shares. The difference between the public offering price per share (allocating all of the unit purchase price to the Class A ordinary share and none to the warrant included in the unit) and the pro forma net tangible book value per share of our Class A ordinary shares after this offering constitutes the dilution to you and the other investors in this offering. Our initial shareholders acquired the founder shares at a nominal price, significantly contributing to this dilution. Upon closing of this offering, and assuming no value is ascribed to the warrants included in the units, you and the other public shareholders will incur an immediate dilution of approximately $9.29 per share (or $9.38 per share, assuming full exercise of the underwriter’s over-allotment option), the difference between the pro forma net tangible book value per share after this offering of $0.71 (or $0.62 assuming full exercise of the underwriter’s over-allotment option) and the initial offering price of $10.00 per unit (respectively). This dilution would increase to the extent that the anti-dilution provisions of the founder shares result in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion of the founder shares at the time of our initial business combination. In addition, because of the anti-dilution protection in the founder shares, any equity or equity-linked securities issued in connection with our initial business combination would be disproportionately dilutive to our Class A ordinary shares. If we seek shareholder approval of our initial business combination, our Sponsor, initial shareholders, directors, officers, advisors and their affiliates may elect to purchase shares or public warrants from public shareholders, which may influence a vote on a proposed business combination and reduce the public “float” of our Class A ordinary shares. If we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our Sponsor, directors, officers, advisors or their affiliates may purchase shares or public warrants in privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination, although they are under no obligation to do so. There is no limit on the number of shares our initial shareholders, directors, officers, advisors or their affiliates may purchase in such transactions, subject to compliance with applicable law and NYSE rules. However, they have no current commitments, plans or intentions to engage in such transactions and have not formulated any terms or conditions for any such transactions. None of the funds in the trust account will be used to purchase shares or public warrants in such transactions. Such purchases may include a contractual acknowledgment that such shareholder, although still the record holder of our shares, is no longer the beneficial owner thereof and therefore agrees not to exercise its redemption rights. In the event that our Sponsor, directors, officers, advisors or their affiliates purchase shares in privately negotiated transactions from public shareholders who have already elected to exercise their redemption rights, such selling shareholders would be required to revoke their prior elections to redeem their shares. The purpose of any such purchases of shares could be to vote such shares in favor of the business combination and thereby increase the likelihood of obtaining shareholder approval of the business combination or to satisfy a closing condition in an agreement with a target that requires us to have a minimum net worth or a certain amount of cash at the closing of our initial business combination, where it appears that such requirement would otherwise not be met. The purpose of any such purchases of public warrants could be to reduce the number of public warrants outstanding or to vote such warrants on any matters submitted to the warrant holders for approval in connection with our initial business combination. Any such purchases of our securities may result in the completion of our initial business combination that may not otherwise have been possible. Any such purchases will be reported pursuant to Section 13 and Section 16 of the Exchange Act to the extent such purchasers are subject to such reporting requirements. See “Proposed Business — Effecting Our Initial Business Combination — Permitted Purchases of Our Securities” for a description of how our Sponsor, directors, officers, advisors or any of their affiliates will select which shareholders to purchase securities from in any private transaction. In addition, if such purchases are made, the public “float” of our Class A ordinary shares or public warrants and the number of beneficial holders of our securities may be reduced, possibly making it difficult to obtain or maintain the quotation, listing or trading of our securities on a national securities exchange. 55 Risks Related to Our Corporate Governance and Shareholder Rights Prior to the closing of our initial business combination, holders of our founder shares are the only shareholders of the Company which will have the right to vote on the election of directors. Therefore, upon the listing of our shares on the NYSE, the NYSE may consider us to be a “controlled company” within the meaning of the NYSE rules and, as a result, we may qualify for exemptions from certain corporate governance requirements. Prior to the closing of our initial business combination, holders of our founder shares are the only shareholders of the Company which will have the right to vote on the election of directions. As a result, the NYSE may consider us to be a ‘controlled company’ within the meaning of the NYSE corporate governance standards. Under the NYSE corporate governance standards, a company of which more than 50% of the voting power is held by an individual, group or another company is a ‘controlled company’ and may elect not to comply with certain corporate governance requirements, including the requirements that: ● we have a board that includes a majority of ‘independent directors,’ as defined under the rules of the NYSE; ● we have a compensation committee of our board that is comprised entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities; and ● we have a nominating and corporate governance committee of our board that is comprised entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities. We do not intend to utilize these exemptions and intend to comply with the corporate governance requirements of the NYSE, subject to applicable phase-in rules. However, if we determine in the future to utilize some or all of these exemptions, you will not have the same protections afforded to stockholders of companies that are subject to all of the NYSE corporate governance requirements. We may not hold an annual general meeting until after the consummation of our initial business combination, which could delay the opportunity for our shareholders to appoint directors. In accordance with NYSE corporate governance requirements, we are not required to hold an annual general meeting until no later than one year after our first fiscal year end following our listing on NYSE. There is no requirement under the Companies Act for us to hold annual or extraordinary general meetings to appoint directors. Until we hold an annual general meeting, public shareholders may not be afforded the opportunity to appoint directors and to discuss company affairs with management. Our board of directors is divide

SEC Filings

Form Type Form Description Filing Date Document Link
10-Q 2022-05-16 https://www.sec.gov/Archives/edgar/data/1862935/000149315222013740/form10-q.htm
10-K 2022-03-23 https://www.sec.gov/Archives/edgar/data/1862935/000149315222007478/form10-k.htm
SC 13G 2022-03-17 https://www.sec.gov/Archives/edgar/data/1862935/000149315222007093/formsc13g.htm
3 2022-03-17 https://www.sec.gov/Archives/edgar/data/1862935/000149315222007084/xslF345X02/ownership.xml
3 2022-03-17 https://www.sec.gov/Archives/edgar/data/1862935/000149315222007085/xslF345X02/ownership.xml
3 2022-03-17 https://www.sec.gov/Archives/edgar/data/1862935/000149315222007087/xslF345X02/ownership.xml
3 2022-03-17 https://www.sec.gov/Archives/edgar/data/1862935/000149315222007086/xslF345X02/ownership.xml
3 2022-03-17 https://www.sec.gov/Archives/edgar/data/1862935/000149315222007088/xslF345X02/ownership.xml
3 2022-03-17 https://www.sec.gov/Archives/edgar/data/1862935/000149315222007083/xslF345X02/ownership.xml
3 2022-03-17 https://www.sec.gov/Archives/edgar/data/1862935/000149315222007082/xslF345X02/ownership.xml
3 2022-03-17 https://www.sec.gov/Archives/edgar/data/1862935/000149315222007080/xslF345X02/ownership.xml
3 2022-03-17 https://www.sec.gov/Archives/edgar/data/1862935/000149315222007081/xslF345X02/ownership.xml
SC 13G/A INFINT ACQUISITION CORP 2022-02-09 https://www.sec.gov/Archives/edgar/data/1862935/000090266422001279/p22-0748sc13ga.htm
8-K 2022-01-06 https://www.sec.gov/Archives/edgar/data/1862935/000149315222000571/form8-k.htm
SC 13G INFINT ACQUISITION CORPORATION 2021-12-03 https://www.sec.gov/Archives/edgar/data/1862935/000090266421005153/p21-2614sc13g.htm
8-K 2021-12-01 https://www.sec.gov/Archives/edgar/data/1862935/000149315221030232/form8-k.htm
SC 13G FORM SC 13G 2021-11-29 https://www.sec.gov/Archives/edgar/data/1862935/000106299321011735/formsc13g.htm
424B5 2021-11-23 https://www.sec.gov/Archives/edgar/data/1862935/000149315221029647/form424b5.htm
EFFECT 2021-11-18 https://www.sec.gov/Archives/edgar/data/1862935/999999999521004396/xslEFFECTX01/primary_doc.xml
S-1MEF 2021-11-18 https://www.sec.gov/Archives/edgar/data/1862935/000149315221029285/forms-1mef.htm
CERT NYSE CERTIFICATION 2021-11-17 https://www.sec.gov/Archives/edgar/data/1862935/000087666121001621/IFIN111721.pdf
8-A12B 2021-11-17 https://www.sec.gov/Archives/edgar/data/1862935/000149315221029102/form8a-12b.htm
CORRESP 2021-11-16 https://www.sec.gov/Archives/edgar/data/1862935/000149315221029035/filename1.htm
CORRESP 2021-11-16 https://www.sec.gov/Archives/edgar/data/1862935/000149315221029033/filename1.htm
S-1/A 2021-11-10 https://www.sec.gov/Archives/edgar/data/1862935/000149315221027726/forms-1a.htm
CORRESP 2021-11-09 https://www.sec.gov/Archives/edgar/data/1862935/000149315221027729/filename1.htm
UPLOAD 2021-11-09 https://www.sec.gov/Archives/edgar/data/1862935/000000000021013603/filename1.pdf
S-1/A 2021-11-03 https://www.sec.gov/Archives/edgar/data/1862935/000149315221027040/forms-1a.htm
CORRESP 2021-11-02 https://www.sec.gov/Archives/edgar/data/1862935/000149315221027041/filename1.htm
UPLOAD 2021-10-29 https://www.sec.gov/Archives/edgar/data/1862935/000000000021013194/filename1.pdf
S-1/A 2021-10-20 https://www.sec.gov/Archives/edgar/data/1862935/000149315221025824/forms-1a.htm
S-1/A 2021-08-04 https://www.sec.gov/Archives/edgar/data/1862935/000149315221018465/forms-1a.htm
S-1/A 2021-07-14 https://www.sec.gov/Archives/edgar/data/1862935/000149315221016761/forms-1a.htm
CORRESP 2021-07-13 https://www.sec.gov/Archives/edgar/data/1862935/000149315221016763/filename1.htm
UPLOAD 2021-06-16 https://www.sec.gov/Archives/edgar/data/1862935/000000000021007464/filename1.pdf
S-1 2021-05-20 https://www.sec.gov/Archives/edgar/data/1862935/000149315221012306/forms-1.htm