8-K: INFINT Acquisition Corporation Announces Voluntary Delisting from NYSE American Ahead of Seamless Group Merger and Nasdaq Listing

INFINT Acquisition Corporation will voluntarily delist from the NYSE American and list on the Nasdaq under the ticker CURR following its merger with Seamless Group Inc.

Summary

• INFINT Acquisition Corporation is set to delist from the NYSE American and move to the Nasdaq under the new name CURRENC Group Inc. following its merger with Seamless Group Inc.
• The delisting and Nasdaq listing are contingent on the successful completion of the business combination.
• Shareholders approved the business combination and related proposals at an extraordinary general meeting on August 6, 2024.
• The last day of trading on the NYSE American is expected to be around August 20, 2024.
• Trading on the Nasdaq is expected to begin around August 21, 2024, under the ticker symbol CURR.
• A total of 8,680,626 shares were represented at the meeting, constituting 82.047% of the voting power.

Sentiment

Score: 7

Explanation: The document is generally positive, highlighting the successful shareholder vote and the planned move to Nasdaq. However, it also acknowledges several risks associated with the merger and future operations, which tempers the overall sentiment.

Positives

• Shareholder approval was secured for all key proposals related to the business combination.
• The company is progressing towards a Nasdaq listing, which is generally seen as a positive move for growth companies.
• The transition to a new name and ticker symbol reflects the completion of the merger and a new phase for the company.

Negatives

• The delisting from NYSE American could cause short-term uncertainty for investors.
• The transition is subject to the closing of the business combination, which introduces some risk of failure.
• There is a risk that Currencs securities may experience a material price decline after the proposed transaction.

Risks

• The business combination may not be completed within the expected timeframe.
• Investors of Seamless may not receive the same benefits as in an underwritten public offering.
• Currencs securities could experience a price decline after the transaction.
• There are risks of product liability or regulatory lawsuits related to Seamless business.
• Trust account proceeds and per share redemption amounts could be reduced by third-party claims.
• The transaction may not be completed by the company's business combination deadline.
• Currenc may not get approval for listing on Nasdaq or comply with listing standards.
• The company may fail to attract or retain partners, merchants, and users.
• Currenc may face challenges integrating its services with various systems.
• The company may need additional debt or equity financing, potentially diluting shareholding.
• There are risks of cyber security or foreign exchange losses.
• Currenc may fail to secure or protect its intellectual property.
• The company may fail to maintain effective internal controls over financial reporting.

Future Outlook

The company anticipates a smooth transition to Nasdaq trading under the new name CURRENC Group Inc. following the completion of the business combination with Seamless Group Inc. The company is focused on expanding its business and integrating its services.

Management Comments

• The company intends to voluntarily delist from the NYSE American, subject to the closing of the Business Combination.
• The company expects Currencs ordinary shares to be traded on the Nasdaq Stock Market LLC following the consummation of the Business Combination.

Industry Context

This announcement reflects a common trend of SPACs merging with private companies and subsequently moving to a major exchange like Nasdaq. The move is intended to provide greater visibility and access to capital for the combined entity.

Comparison to Industry Standards

• Many SPACs have followed a similar path of merging with a target company and then transitioning to a larger exchange like Nasdaq or NYSE.
• The process of delisting from one exchange and listing on another is a standard procedure in such transactions.
• The timeline for the delisting and relisting is consistent with typical merger timelines for SPACs.
• The shareholder approval process and voting results are in line with industry norms for similar transactions.

Stakeholder Impact

• Shareholders will see their shares transition to the Nasdaq under a new ticker symbol.
• Employees of both companies will be integrated into the new entity.
• Customers and partners of both companies will be impacted by the merger and the new entity's operations.
• Creditors will be impacted by the financial structure of the new entity.

Next Steps

• Complete the business combination with Seamless Group Inc.
• Delist from the NYSE American.
• Begin trading on the Nasdaq under the ticker symbol CURR.
• Integrate the operations of the two companies.
• Attract new partners, merchants and users.

Key Dates

Keywords

business combination, delisting, Nasdaq, merger, CURRENC Group Inc., Seamless Group Inc., NYSE American, shareholder vote, listing, fintech