8-K
filed August 23, 2023, 7:59 PM ET
CIK 0001862327
other material
confidence high
sentiment neutral
materiality 0.75
Infinite Acquisition shareholders approve extension; sponsor offers up to $1.8M loan; 19.6M shares redeemed
Infinite Acquisition Corp.
- Shareholders approved extension of business combination deadline to September 23, 2023, with up to 14 monthly optional extensions to November 23, 2024.
- Sponsor agreed to loan up to $1.8M via convertible note to fund trust account deposits for extensions; initial $120K drawn.
- Holders of 19,590,635 shares redeemed at ~$10.66/share, totaling ~$208.8M in redemptions.
- Note convertible into working capital warrants at $1.00 per warrant, terms identical to private placement warrants.
- Also approved conversion of Class B shares to Class A and removal of net tangible asset redemption limitation.
Key facts
Extracted from this filing and checked against the source text.
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Infinite Acquisition Corp.: Amended memorandum and articles of association to extend business combination deadline and allow monthly extensions, add Class B share conversion, and remove redemption limitation (effective 2023-08-22).
- Change
- charter amendment
- Effective
- 2023-08-22
Exact text from the filing
On August 22, 2023, Infinite held the Extension Meeting to approve an amendment to Infinite’s amended and restated memorandum and articles of association (the “ Articles Amendment ”) (i) to extend the date (the “ Termination Date ”) by which Infinite has to consummate a Business Combination (the “ Articles Extension” ) from August 23, 2023 to September 23, 2023 (the “ Articles Extension Date ”) and to allow Infinite, without another shareholder vote, to elect to extend the Termination Date to consummate a Business Combination on a monthly basis for up to fourteen times by an additional one month each time after the Articles Extension Date, by resolution of Infinite’s board of directors, if requested by the Sponsor, in writing and upon five days’ advance notice prior to the applicable Termination Date, until November 23, 2024 or a total of up to fifteen months after August 23, 2023, unless the closing of a Business Combination shall have occurred prior thereto (the “ Extension Amendment
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Infinite Acquisition Corp. shareholders approved Class B Share Proposal at the 2023-08-22 meeting.
- Outcome
- passed
- Meeting
- 2023-08-22
Exact text from the filing
The voting results for the Class B Share Proposal were as follows: The Class B Share Proposal For Against Abstain 27,335,463 2,262,783 6,944
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Infinite Acquisition Corp. shareholders approved Redemption Limitation Amendment Proposal at the 2023-08-22 meeting.
- Outcome
- passed
- Meeting
- 2023-08-22
Exact text from the filing
The voting results for the Redemption Limitation Amendment Proposal were as follows: The Redemption Limitation Amendment Proposal For Against Abstain 27,335,463 2,262,783 6,944
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Infinite Acquisition Corp. shareholders approved Extension Amendment Proposal at the 2023-08-22 meeting.
- Outcome
- passed
- Meeting
- 2023-08-22
Exact text from the filing
The voting results for the Extension Amendment Proposal were as follows: The Extension Amendment Proposal For Against Abstain 22,235,781 7,362,465 6,944
View on SEC.gov
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