other material
confidence high
sentiment neutral
materiality 0.75
Insight Acquisition Corp. amends BCA with Alpha Modus, modifies underwriting fees, and secures waiver from sponsor
ALPHA MODUS HOLDINGS, INC.
- BCA amendment exchanges 6,145,000 common and 7,500,000 Series C preferred shares for IAC shares; each Alpha Modus share gets 1 IAC share plus earnout rights.
- Outside date extended to September 9, 2024 from June 7, 2024.
- Cantor Fitzgerald accepts 210,000 shares in lieu of $3.0M cash deferred underwriting discount; Odeon accepts 90,000 shares for $1.0M.
- Sponsor and Michael Singer waive all past/future amounts due ($15,000/mo management, $10,000/mo administration) in exchange for 125,000 IAC shares at closing.
- Eliminated conditions: combined company no longer required to pay up to $2.0M indebtedness to Polar and Janbella at closing.