Fintech Ecosystem Development Corp. announces trust account funding to extend deadline to complete business combination
COLLEGEVILLE, PA / ACCESSWIRE / January 20, 2023 / Fintech Ecosystem Development Corp. (NASDAQ:FEXD) (“FEXD”) announced today that Revofast LLC, FEXD’s sponsor, has deposited an aggregate amount of $1,150,000 (representing $0.10 per public share), into FEXD’s trust account. Accordingly, the date by which FEXD must complete a business combination has been extended from January 21, 2023 to April 21, 2023 (the “Extension”).
The extension gives FEXD additional time to complete its proposed business combination with fintech companies Rana Financial Inc. (“Rana“) and Mobitech International LLC (“Afinoz“).
About Rana Financial Inc.
Rana Financial, Inc. (“Rana“) is a licensed money transfer company founded in 2009 as Rana Express and reorganized in 2022 as Rana Financial, Inc. Rana offers low-cost online and mobile app money transfers between the US and Latin America. Rana has been providing money transfer services in the US market for 12 years and has 30,000 active users Rana’s money transfer business has grown to 200,000 transactions by 2021.
For more information, please visit www.ranaexpress.com.
About Mobitech International LLC
Mobitech International LLC (dba Afinoz) (“Afinoz“) is an artificial intelligence-enabled digital lending platform used by India’s leading banks, non-banking corporations (“NBFCs”) and Fintech loan providers. Afinoz’s fintech platform supports businesses that provide loans primarily to middle and lower class borrowers who can access Afinoz -mediated loans via its website or through its mobile phone application.
Afinoz’s Fintech platform allows users to obtain loans through the www.afinoz.com website and mobile phone application, making loans accessible and affordable to millions of Indian workers and unbanked users by providing access at a low cost. Afinoz’s platform has 50+ lending partners. Afinoz’s database of registered users in India includes more than two million users.
For further information, please visit www.afinoz.com
About Fintech Ecosystem Development Corp.
Fintech Ecosystem Development Corp. (Nasdaq:FEXD) is a special purpose buyout company formed for the purpose of completing one or more business combinations with an intention to focus on the financial technology sector. FEXD is sponsored by Revofast LLC and the management team led by CEO, President and Founder Dr. Saiful Khandaker and a team of experienced Fintech business and technology innovators.
For further information, please visit www.fintechecosys.com.
Important information and where to find it
This press release relates to proposed transactions between FEXD, on the one hand, and each of Rana and Afinoz, on the other hand. This press release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange any securities, nor shall there be any sale of securities in any jurisdiction where such offer, sale or exchange would be unlawful until registration or qualification under the securities laws of such jurisdiction. In connection with the transaction, FEXD intends to file relevant materials with the United States Securities and Exchange Commission (the “SEC“), including a proxy statement. The proxy statement, when finalized, will be sent to all holders of FEXD’s common stock in connection with FEXD’s solicitation of proxies for voting from FEXD’s stockholders with respect to the transaction and other matters described in the proxy Investors and security holders and other interested parties are urged to read the proxy statement, any amendments thereto and all other documents filed with the SEC carefully and in their entirety when they become available because they will contain important information about FEXD, Rana, Afinoz and the transactions.Investors and security holders may obtain free copies of the proxy statement, any amendments thereto, and other documents filed with the SEC by FEXD through the website maintained by the SEC at or by directing a request to: Fintech Ecosystem Development Corp. , 100 Springhouse Drive, Suite 204, Collegeville, PA 19426. Before making any votes or investment decisions, investors and security holders of FEXD are urged to read the proxy statement and all other relevant documents filed or to be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.
Participants in the call
FEXD, Rana and Afinoz and their respective directors and certain of their respective officers and other members of management and employees may be deemed to be participants in the solicitation of proxies with respect to the transaction. Information about the directors and executive officers of FEXD will be provided in the proxy statement and other relevant materials to be filed with the SEC regarding the transaction when they become available. Additional information about the participants in the proxy solicitation and a description of their direct and indirect interests, by securities holdings or otherwise, will also be included in the proxy statement and other relevant materials to be filed with the SEC regarding the transaction when they become available. Shareholders, potential investors and other interested persons should read the proxy statement carefully when it becomes available before making any voting or investment decisions. When available, these documents may be obtained free of charge from the sources indicated above.
No offer or solicitation
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction where such offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws in such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the US Securities Act of 1933, as amended (the “The Securities Act“).
Forward-looking statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of current or historical fact included in this presentation, regarding FEXD’s proposed acquisition of Rana and Afinoz, FEXD’s ability to complete the transaction, the development and performance of the products of Rana and Afinoz (including the timeframe for the development of such products) , the benefits of the transaction and the combined company’s future financial results, as well as the combined company’s strategy, future operations, estimated financial position, estimated income and losses, estimated costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “could”, “should”, “will”, “may”, “believe”, “anticipate”, “intend”, “estimate”, “expect”, “project” mean , negatives of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on available information about the outcome and timing of future events. Except as otherwise required by applicable law, FEXD, Rana and Afinoz disclaim any obligation to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. FEXD, Rana and Afinoz caution you that these forward-looking statements are subject to a number of risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of any of FEXD, Rana or Afinoz. In addition, FEXD cautions you that the forward-looking statements contained in this press release are subject to the following factors: (i) the risk that the transaction may not be completed on time or at all, (ii) the failure to satisfy the conditions to completion of the transaction, including the approval of the shareholders of FEXD and the receipt of certain governmental and regulatory approvals, (iii) the inability to complete additional financing, (iv) the occurrence of an event, change or other circumstance that may give rise to the termination of the business combination agreements, (v) the outcome of any legal proceedings that may be brought against Rana, Afinoz and/or FEXD related to the business combination agreements or the transactions contemplated thereby, (vi ) the ability to maintain the listing of FEXD shares after the business combinations, (vii) volatility in the price of FEXD’s securities, (viii ) costs linked to the transactions and t failure to realize expected e benefits of the transactions or realizing estimated pro forma results and underlying assumptions, including with respect to estimated shareholder redemptions, (ix) the effect of the announcement or reliance on the transaction on Rana’s and/or Afinoz’s business conditions, operating results, performance and business generally, (x) risks for the transactions to disrupt current plans and operations of Rana and/or Afinoz, (xi) changes in the capital structure of FEXD following the business combinations, (xii) changes in competitive industry and markets where Rana and Afinoz operate or plan to operate, (xiii) changes in laws and regulations affecting Rana’s and/or Afinoz’s operations, (xiv) the ability to implement business plans, forecasts and other expectations after the completion of the transactions, and to identify and realize additional opportunities, (xv) risks related to the limited operating history or Rana and Afinoz and the rollout of the advertisement other business gsoffers by Rana and Afinoz, (xvi) risks related to Rana’s and Afinoz’s potential inability to achieve or maintain profitability and generate cash, (xvii) current and future conditions in the global economy, including as a result of the impact of COVID-19 -19 the pandemic, and their impact on Rana and Afinoz, their business and the markets in which they operate, and (xviii) Rana’s and/or Afinoz’s potential inability to manage growth effectively. Should one or more of the risks or uncertainties described in this press release, or should underlying assumptions prove to be incorrect, actual results and plans may deviate significantly from those expressed in any forward-looking statements. The list of risks above is not exhaustive. Additional information about these and other factors that may affect the operations and projections discussed herein can be found in FEXD’s periodic and other filings with the SEC. FEXD’s SEC filings are publicly available on the SEC’s website at www.sec.gov.
For investors
Rittesh Suneja
Email: [email protected]
For the media
Michael Tomczyk
Email: [email protected]
For Fintech Ecosystem Development Corp.
Dr. Saiful Khandaker
[email protected]
SOURCE: Fintech Ecosystem Development Corp.
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