UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
SCHEDULE
14A
Information
Required in Proxy Statement
Schedule
14A Information
Proxy
Statement Pursuant to Section 14(a) of the
Securities
Exchange Act of 1934
Filed
by the Registrant ☒
Filed
by a Party other than the Registrant ☐
Check
the appropriate box:
☒
Preliminary Proxy Statement
☐
Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
☐
Definitive Proxy Statement
☐
Definitive Additional Materials
☐
Soliciting Material Pursuant to §240.14a-12
INFINT
ACQUISITION CORPORATION
(Name
of Registrant as Specified In Its Charter)
(Name
of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment
of Filing Fee (Check the appropriate box):
☒
No fee required.
☐
Fee paid previously with preliminary materials.
☐
Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11.
The
information in this preliminary proxy statement/prospectus is not complete and may be changed. We may not issue these securities until
the registration statement filed with the Securities and Exchange Commission is effective. This preliminary proxy statement/prospectus
is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale
is not permitted.
Preliminary
- Subject to Completion, Dated October 20, 2022
INFINT
ACQUISITION CORPORATION
32
Broadway, Suite 401
New
York, New York 10004
PROXY
STATEMENT FOR EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS OF
INFINT
ACQUISITION CORPORATION
Dear
Shareholders of INFINT Acquisition Corporation:
You
are cordially invited to attend the Extraordinary General Meeting (the “Extraordinary General Meeting”) of shareholders of
INFINT Acquisition Corporation, a Cayman Islands exempted company (the “Company,” “INFINT,” “we,”
“us” or “our”), to be held on , 2022, at , Eastern Time, or at such other time, on such other date and at such
other place to which the meeting may be postponed or adjourned. This Extraordinary General Meeting is being held in lieu of the 2022
annual general meeting, and shareholders will have the opportunity to present questions to management at the Company. The formal meeting
notice and proxy statement for the Extraordinary General Meeting are attached.
The
Extraordinary General Meeting will be conducted via live webcast. You will be able to attend the Extraordinary General Meeting online,
vote and submit your questions during the Extraordinary General Meeting by visiting https://www.cstproxy.com/infintspac/2022
and entering the 12 digit control number included on your proxy card. We are pleased to utilize the virtual general meeting technology
to (i) provide ready access and cost savings for our shareholders and the Company, and (ii) to promote social distancing pursuant to
guidance provided by the Center for Disease Control and the U.S. Securities and Exchange Commission due to the novel coronavirus. The
virtual meeting format allows attendance from any location in the world. The meeting may be attended virtually online via the Internet
and for purposes of the Amended and Restated Memorandum and Articles of Association of the Company, the physical location of the Extraordinary
General Meeting is at the offices of Greenberg Traurig, LLP, located at One Vanderbilt Avenue, New York, NY 10017, United States of America.
Even
if you are planning to attend the Extraordinary General Meeting online, please promptly submit your proxy vote by completing, dating,
signing and returning the enclosed proxy, so that your shares will be represented at the Extraordinary General Meeting. It is strongly
recommended that you complete and return your proxy card before the Extraordinary General Meeting date to ensure that your shares will
be represented at the Extraordinary General Meeting. Instructions on how to vote your shares are on the proxy materials you received
for the Extraordinary General Meeting.
The
Extraordinary General Meeting is being held to consider and vote upon the following proposals:
(a)
as a special resolution, to amend the Company’s Amended and Restated Memorandum and Articles of Association (the “Charter”)
pursuant to an amendment to the Charter in the form set forth in Annex A of the accompanying proxy statement to extend the date by which
the Company must (1) consummate a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar
business combination, which we refer to as our initial business combination, (2) cease its operations except for the purpose of winding
up if it fails to complete such initial business combination, and (3) redeem all of the Class A ordinary shares, par value $0.0001 per
share, of the Company (“Class A Ordinary Shares”), included as part of the units sold in the Company’s initial public
offering that was consummated on November 23, 2021 (the “IPO”) if it fails to
complete such initial business combination, from November 23, 2022 (the “Original Termination Date”) to March 23, 2023 (the
“Extension,” such date, the “Extended Date,” and such proposal, the “Extension Proposal”); and
(b)
as an ordinary resolution, to approve the adjournment of the Extraordinary General Meeting to a later date or dates, if necessary, to
permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with,
the approval of the Extension Proposal (the “Adjournment Proposal”), which will only be presented at the Extraordinary General
Meeting if, based on the tabulated votes, there are not sufficient votes at the time of the Extraordinary General Meeting to approve
the Extension Proposal, in which case the Adjournment Proposal will be the only proposal presented at the Extraordinary General Meeting.
Each
of the proposals is more fully described in the accompanying proxy statement, which you are encouraged to read carefully.
The
purpose of the Extension is to allow the Company more time to complete its previously announced business combination by and among the
Company, FINTECH Merger Sub Corp., a Cayman Islands exempted company and a wholly owned subsidiary of INFINT (“Merger Sub”),
and Seamless Group Inc., a Cayman Islands exempted company (“Seamless”). On August 3, 2022, the Company entered into that
certain Business Combination Agreement (the “Business Combination Agreement”) with Merger Sub and Seamless, pursuant to which
Merger Sub will merge with and into Seamless, with Seamless surviving the merger as a wholly owned subsidiary of INFINT (the “merger”
and the merger and the other transactions contemplated by the Business Combination Agreement, together, the “Business Combination”).
Pursuant
to the Charter, the Company has until November 23, 2022 (being the date that is 12 months after the date on which the IPO was consummated),
to complete an initial business combination. While we are using our best efforts to complete
the Business Combination as soon as practicable, our board of directors (the “Board”) believes that there will not be sufficient
time before the Original Termination Date to complete the Business Combination. Accordingly, the Board believes that in order
to be able to complete the Business Combination, it is appropriate to obtain the Extension. The Board believes that the initial business
combination opportunity with Seamless is compelling and in the best interests of our shareholders. Therefore, the Board has determined
that it is in the best interests of our shareholders to extend the date by which the Company must complete an initial business combination
to the Extended Date. If the Extension Proposal is approved, we plan to hold another shareholder meeting prior to the Extended Date in
order to seek shareholder approval of the Business Combination and related proposals. For more information regarding the Business Combination
Agreement, please read INFINT’s Current Report on Form 8-K relating to the Business Combination that was filed with the U.S. Securities
and Exchange Commission (the “Commission” or the “SEC”) on August 9, 2022, and the Registration Statement on
Form S-4 (File No. 333-267662) initially filed with the Commission on September 29, 2022, as amended or supplemented from time to time
(the “Registration Statement”), including the complete text of the Business Combination Agreement provided as an annex thereto,
in connection with the shareholder vote for the Business Combination, as it has been and may be further amended or supplemented from
time to time. If the closing of the Business Combination occurs prior to the scheduled date of the Extraordinary General Meeting, the
Extraordinary General Meeting will be cancelled and will not be held.
In
connection with the Extension, public shareholders may elect to redeem their shares for a per-share price, payable in cash, equal to
the aggregate amount then on deposit in the trust account established in connection with the IPO (the “Trust Account”), including
interest not previously released to the Company to pay its income taxes, divided by the number of then-issued and outstanding Class A
Ordinary Shares, regardless of how such public shareholders vote on the Extension Proposal or if they vote at all. If the Extension Proposal
is approved by the requisite vote of shareholders, the remaining public shareholders will retain their right to redeem their Class A
Ordinary Shares upon consummation of our initial business combination when it is submitted to a vote of the shareholders, subject to
any limitations set forth in the Charter, as amended. In addition, public shareholders will be entitled to have their shares redeemed
for cash if the Company has not completed an initial business combination by the Extended Date.
Based
upon the current amount in the Trust Account, the Company anticipates that the per-share price at which public shares will be redeemed
from cash held in the Trust Account will be approximately $10.15 at the time of the Extraordinary
General Meeting . The closing price of the Company’s Class Ordinary Share on , 2022 was $
per share. The Company cannot assure shareholders that they will be able to sell their Class A Ordinary Shares the open market, even
if the market price per share is higher than the redemption price stated above, as there may not be sufficient liquidity in its securities
when such shareholders wish to sell their shares.
In
accordance with the Charter, a public shareholder may request that the Company redeem all or a portion of such public shareholder’s
public shares for cash if the Extension Proposal is approved. You will be entitled to receive cash for any public shares to be redeemed
only if you:
(i)
(a) hold public shares or (b) hold public shares as part of units and elect to separate such units into the underlying public shares
and public warrants prior to exercising your redemption rights with respect to the public shares; and
(ii)
prior to p.m., Eastern Time, on , 2022 (two business days prior to the vote at the Extraordinary General Meeting), (a) submit a written
request to Continental Stock Transfer & Trust Company, the Company’s transfer agent, that the Company redeem your public shares
for cash and (b) deliver your public shares to the transfer agent, physically or electronically through The Depository Trust Company.
Holders
of units of the Company must elect to separate the underlying public shares and public warrants prior to exercising redemption rights
with respect to the public shares. If holders hold their units in an account at a brokerage firm or bank, holders must notify their broker
or bank that they elect to separate the units into the underlying public shares and public warrants, or if a holder holds units registered
in its, his or her own name, the holder must contact the transfer agent directly and instruct it to do so. Public shareholders may
elect to redeem all or a portion of their public shares even if they vote for the Extension Proposal.
If
the Extension is not approved, INFINT Capital LLC (the “Sponsor”) determines not to fund any additional extension as permitted
by the Charter and we do not consummate an initial business combination by the Original Termination
Date, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more
than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then
on deposit in the trust account, including interest earned on the funds held in the trust account (less taxes payable and up to $100,000
of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish
public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any) and (iii)
as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and Board, liquidate
and dissolve, subject, in the case of clauses (ii) and (iii), to our obligations under Cayman Islands law to provide for claims of creditors
and in all cases subject to the other requirements of applicable law. There will be no redemption rights or liquidating distributions
with respect to our warrants, which will expire worthless in the event of our winding up.
Approval
of the Extension Proposal requires a special resolution under the Companies Act (as amended) of the Cayman Islands (the “Companies
Act”), being the affirmative vote of the holders of at least two-thirds of the Class A Ordinary Shares and Class B ordinary shares,
par value $0.0001 per share, of the Company (the “Founder Shares” or the “Class B Ordinary Shares,” together
with the Class A Ordinary Shares, the “Ordinary Shares”) issued and outstanding, voting together as a single class, represented
in person or by proxy and entitled to vote thereon and who do so in person or by proxy at the Extraordinary General Meeting.
The
Adjournment Proposal requires an ordinary resolution under Cayman Islands law, being the affirmative vote of a majority of the Ordinary
Shares issued and outstanding, represented in person or by proxy and entitled to vote thereon and who do so in person or by proxy at
the Extraordinary General Meeting.
THE
BOARD UNANIMOUSLY RECOMMENDS A VOTE “FOR” THE EXTENSION PROPOSAL AND “FOR” THE ADJOURNMENT PROPOSAL.
The
Board has fixed the close of business on October 27, 2022, as the record date for the Extraordinary General Meeting. Only shareholders
of record on October 27, 2022, are entitled to notice of and to vote at the Extraordinary General Meeting or any postponement or adjournment
thereof. Further information regarding voting rights and the matters to be voted upon is presented in the accompanying proxy statement.
You
are not being asked to vote on the Business Combination at this time. If you are a public shareholder, you will have the right to vote
on the Business Combination (and to exercise your redemption rights, if you so choose) when it is submitted to the Company’s shareholders
for approval.
All
of our shareholders are cordially invited to attend the Extraordinary General Meeting via the Internet at https://www.cstproxy.com/infintspac/2022.
To ensure your representation at the Extraordinary General Meeting, however, you are urged to complete, sign, date and return your proxy
card as soon as possible. If your shares are held in an account at a brokerage firm or bank, you must instruct your broker or bank on
how to vote your shares. You may revoke your proxy card at any time prior to the Extraordinary General Meeting.
A
shareholder’s failure to vote in person or by proxy will not be counted towards the number of Ordinary Shares required to validly
establish a quorum. Abstentions will be counted in connection with the determination of whether a valid quorum is established.
YOUR
VOTE IS IMPORTANT. Please sign, date and return your proxy card as soon as possible. You are requested to carefully read the proxy statement
and accompanying Notice of Extraordinary General Meeting for a more complete statement of matters to be considered at the Extraordinary
General Meeting.
If
you have any questions or need assistance voting your ordinary shares, please contact Morrow Sodali LLC, our proxy solicitor, by calling
(800) 662-5200, or banks and brokers can call collect at (203) 658-9400, or by emailing IFIN.info@investor.morrowsodali.com.
On
behalf of the Board, we would like to thank you for your support of INFINT Acquisition Corporation.
,
2022
By
Order of the Board,
Eric
Weinstein
Chairman
of the Board of Directors
If
you return your proxy card signed and without an indication of how you wish to vote, your shares will be voted “FOR” each
of the proposals.
TO
EXERCISE YOUR REDEMPTION RIGHTS, YOU MUST (1) IF YOU HOLD CLASS A ORDINARY SHARES AS PART OF UNITS, ELECT TO SEPARATE YOUR UNITS INTO
THE UNDERLYING PUBLIC SHARES AND PUBLIC WARRANTS PRIOR TO EXERCISING YOUR REDEMPTION RIGHTS WITH RESPECT TO THE PUBLIC SHARES, (2) SUBMIT
A WRITTEN REQUEST TO THE TRANSFER AGENT AT LEAST TWO BUSINESS DAYS PRIOR TO THE VOTE AT THE EXTRAORDINARY GENERAL MEETING THAT YOUR PUBLIC
SHARES BE REDEEMED FOR CASH AND (3) DELIVER YOUR CLASS A ORDINARY SHARES TO THE TRANSFER AGENT, PHYSICALLY OR ELECTRONICALLY USING THE
DEPOSITORY TRUST COMPANY’S DWAC (DEPOSIT WITHDRAWAL AT CUSTODIAN) SYSTEM, IN EACH CASE IN ACCORDANCE WITH THE PROCEDURES AND DEADLINES
DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT. IF YOU HOLD THE SHARES IN STREET NAME, YOU WILL NEED TO INSTRUCT THE ACCOUNT EXECUTIVE
AT YOUR BANK OR BROKER TO WITHDRAW THE SHARES FROM YOUR ACCOUNT IN ORDER TO EXERCISE YOUR REDEMPTION RIGHTS.
This
proxy statement is dated , 2022
and
is first being mailed to our shareholders with the form of proxy on or about , 2022.
IMPORTANT
Whether
or not you expect to attend the Extraordinary General Meeting, you are respectfully requested by the Board of Directors to sign, date
and return the enclosed proxy promptly, or follow the instructions contained in the proxy card or voting instructions provided by your
broker. If you grant a proxy, you may revoke it at any time prior to the Extraordinary General Meeting.
INFINT
Acquisition Corporation
32 Broadway, Suite 401
New York, New York 10004
NOTICE
OF THE EXTRAORDINARY GENERAL MEETING
TO BE HELD ON , 2022
Dear
Shareholders of INFINT Acquisition Corporation:
NOTICE
IS HEREBY GIVEN that an Extraordinary General Meeting (the “Extraordinary General Meeting”) of shareholders of INFINT
Acquisition Corporation, a Cayman Islands exempted company (the “Company”), will be held on
, 2022, at
Eastern Time, or at such other
time, on such other date and at such other place to which the meeting may be postponed or adjourned. This Extraordinary General
Meeting is being held in lieu of the 2022 annual general meeting. For purposes of the Company’s Amended and Restated
Memorandum and Articles of Association (the “Charter”), the physical place of the Extraordinary General Meeting shall be
at the offices of Greenberg Traurig, LLP, located at One Vanderbilt Avenue, New York, NY 10017, United States of America. You will
be able to attend, vote your shares, and submit questions during the Extraordinary General Meeting via a live webcast available at https://www.cstproxy.com/infintspac/2022.
The Extraordinary General Meeting will be held for the sole purpose of considering and voting upon the following
proposals:
| 1. | Proposal
No. 1 — The Extension Proposal — as a special resolution, to
amend the Charter pursuant to an amendment to the Charter in the form set forth in
Annex A of the accompanying proxy statement to extend the date by which the Company must
(1) consummate a merger, amalgamation, share exchange, asset acquisition, share purchase,
reorganization or similar business combination, which we refer to as our initial business
combination, (2) cease its operations except for the purpose of winding up if it fails to
complete such initial business combination and (3) redeem all of the Class A ordinary shares,
par value $0.0001 per share, of the Company (“Class A Ordinary Shares”), included
as part of the units sold in the Company’s initial public offering that was consummated
on November 23, 2021 (the “IPO”)
if it fails to complete such initial business combination, from November 23, 2022 (the “Original
Termination Date”) to March 23, 2023 (the “Extension,” such date, the “Extended
Date,” and such proposal, the “Extension Proposal”); and |
| | |
| 2. | Proposal
No. 2 — The Adjournment Proposal — as an ordinary resolution,
to approve the adjournment of the Extraordinary General Meeting to a later date or dates,
if necessary, to permit further solicitation and vote of proxies in the event that there
are insufficient votes for, or otherwise in connection with, the approval of the Extension
Proposal (the “Adjournment Proposal”), which will only be presented at the Extraordinary
General Meeting if, based on the tabulated votes, there are not sufficient votes at the time
of the Extraordinary General Meeting to approve the Extension Proposal, in which case the
Adjournment Proposal will be the only proposal presented at the Extraordinary General Meeting.
|
The
above matters are more fully described in the accompanying proxy statement. We urge you to read carefully the accompanying proxy statement
in its entirety.
On
August 3, 2022, the Company entered into that certain Business Combination Agreement with FINTECH Merger Sub Corp., a Cayman Islands
exempted company and a wholly owned subsidiary of the Company (“Merger Sub”), and Seamless Group Inc., a Cayman Islands exempted
company (“Seamless”), pursuant to which Merger Sub will merge with and into Seamless, with Seamless surviving the merger
as a wholly owned subsidiary of the Company (the “merger” and the merger and the other transactions contemplated by the Business
Combination Agreement, together, the “Business Combination”). If the closing of the Business Combination occurs prior to
the scheduled date of the Extraordinary General Meeting, the Extraordinary General Meeting will be cancelled and will not be held.
Approval
of the Extension Proposal is a condition to the implementation of the Extension. In addition, we will not proceed with the Extension
if the number of redemptions of our public shares causes us to have less than $5,000,001 of net tangible assets following approval of
the Extension.
Approval
of the Extension Proposal requires a special resolution under the Companies Act (as amended) of the Cayman Islands (the “Companies
Act”), being the affirmative vote of the holders of at least two-thirds of the Class A Ordinary Shares and Class B ordinary shares,
par value $0.0001 per share, of the Company (the “Founder Shares,” or the “Class B Ordinary Shares,” and together
with the Class A Ordinary Shares, the “Ordinary Shares”) issued and outstanding, voting together as a single class, represented
in person or by proxy and entitled to vote thereon and who do so at the Extraordinary General Meeting. Notwithstanding
shareholder approval of the Extension Proposal, subject to the terms of the Business Combination Agreement, our board of directors (the
“Board”) will retain the right to abandon and not implement the Extension at any time without any further action by
our shareholders.
Approval
of the Adjournment Proposal requires an ordinary resolution under Cayman Islands law, being the affirmative vote of a majority of the
Ordinary Shares issued and outstanding, represented in person or by proxy and entitled to vote thereon and who vote at the Extraordinary
General Meeting.
In
connection with the Extension, public shareholders may elect to redeem their shares for a per-share price, payable in cash, equal to
the aggregate amount then on deposit in the trust account established in connection with the IPO (the “Trust Account”), including
interest not previously released to the Company to pay its income taxes, divided by the number of then-issued and outstanding Class A
Ordinary Shares, regardless of how such public shareholders vote on the Extension Proposal, or if they vote at all. If the Extension
is approved by the requisite vote of shareholders, the remaining public shareholders will retain their right to redeem their Class A
Ordinary Shares upon consummation of our initial business combination when it is submitted to a vote of the shareholders, subject to
any limitations set forth in the Charter. In addition, public shareholders will be entitled to have their shares redeemed for cash if
the Company has not completed an initial business combination by the Extended Date, subject to any limitations set forth in the Charter,
as amended.
Based
upon the current amount in the Trust Account, the Company anticipates that the per-share price at which public shares will be
redeemed from cash held in the Trust Account will be approximately $10.15 at the time of the Extraordinary
General Meeting. The closing price of the Company’s Class A Ordinary Shares on , 2022
was $ per share. The Company cannot assure shareholders that they will be able to sell their Class A Ordinary Shares the open
market, even if the market price per share is higher than the redemption price stated above, as there may not be sufficient
liquidity in its securities when such shareholders wish to sell their shares.
Pursuant
to the Charter, a public shareholder may request that the Company redeem all or a portion of such public shareholder’s public shares
for cash if the Extension is approved. You will be entitled to receive cash for any public shares to be redeemed only if you:
(i)
(a) hold public shares or (b) hold public shares as part of units and elect to separate such units into the underlying public shares
and public warrants prior to exercising your redemption rights with respect to the public shares; and
(ii)
prior to p.m., Eastern Time, on , 2022 (two business days prior to the vote at the Extraordinary General Meeting), (a) submit a written
request to Continental Stock Transfer & Trust Company, the Company’s transfer agent, that the Company redeem your public shares
for cash and (b) deliver your public shares to the transfer agent, physically or electronically through The Depository Trust Company.
Holders
of units must elect to separate the underlying public shares and public warrants prior to exercising redemption rights with respect to
the public shares. If holders hold their units in an account at a brokerage firm or bank, holders must notify their broker or bank that
they elect to separate the units into the underlying public shares and public warrants, or if a holder holds units registered in its,
his or her own name, the holder must contact the transfer agent directly and instruct it to do so. Public shareholders may elect to
redeem all or a portion of their public shares even if they vote for the Extension Proposal.
If
the Extension is not approved, the Sponsor determines not to fund any additional extension as permitted by the Charter and we do not
consummate the Business Combination by Original Termination Date, we will (i) cease all operations except for the purpose of winding
up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held
in the trust account (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding
public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to
receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to
the approval of our remaining shareholders and the Board, liquidate and dissolve, subject, in the case of clauses (ii) and (iii), to
our obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable
law. There will be no redemption rights or liquidating distributions with respect to our warrants, which will expire worthless in the
event of our winding up.
Only
shareholders of record of the Company as of the close of business on October 27, 2022, are entitled to notice of, and to vote at, the
Extraordinary General Meeting or any adjournment or postponement thereof. Each ordinary share entitles the holder thereof to one vote.
On the record date, there were Ordinary Shares issued and outstanding, including Class A Ordinary Shares (that were initially sold as
part of the IPO) and Class B Ordinary Shares. The Company’s warrants do not have voting rights in connection with the proposals.
We
reserve the right at any time to cancel the Extraordinary General Meeting and not to submit to our shareholders the Extension Proposal
and implement the Extension. Pursuant to the Charter, the Sponsor may, but is not obligated to, request to extend the period of time
to consummate a business combination up to two times, each by an additional three months, for an aggregate of six additional
months, provided that the Sponsor (or its affiliates or permitted designees) will deposit into the Trust Account $2,999,982 (the “Extension
Payment”) for each such extension in exchange for a non-interest bearing, unsecured promissory note payable.
Your
vote is important. Proxy voting permits shareholders unable to attend the Extraordinary General Meeting in person to vote their shares
through a proxy. By appointing a proxy, your shares will be represented and voted in accordance with your instructions. You can vote
your shares by completing and returning your proxy card or by completing the voting instruction form provided to you by your broker.
Proxy cards that are signed and returned but do not include voting instructions will be voted by the proxy as recommended by the Board.
You can change your voting instructions or revoke your proxy at any time prior to the Extraordinary General Meeting by following the
instructions included in this proxy statement and on the proxy card.
It
is strongly recommended that you complete and return your proxy card before the Extraordinary General Meeting date to ensure that your
shares will be represented at the Extraordinary General Meeting. You are urged to review carefully the information contained in the enclosed
proxy statement prior to deciding how to vote your shares. If you have any questions or need assistance voting your Ordinary Shares,
please contact Morrow Sodali LLC, our proxy solicitor, by calling (800) 662-5200, or banks and brokers can call collect at (203) 658-9400,
or by emailing IFIN.info @investor.morrowsodali.com.
By
Order of the Board, |
|
|
|
|
|
Eric Weinstein
Chairman of the Board of Directors |
|
IMPORTANT
NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE
EXTRAORDINARY GENERAL MEETING TO BE HELD ON 2022
This
Notice of Extraordinary General Meeting and Proxy Statement are available at https://www.cstproxy.com/infintspac/2022
TABLE
OF CONTENTS
INFINT
ACQUISITION CORPORATION
PROXY STATEMENT
FOR THE EXTRAORDINARY GENERAL MEETING
To Be Held at Eastern Time on , 2022
This
proxy statement and the enclosed form of proxy are furnished in connection with the solicitation of proxies by the Board for use at the
Extraordinary General Meeting of the Company. The Extraordinary General Meeting will be held on ,
2022, at Eastern Time, , or at such other time, on such other
date and at such other place to which the meeting may be postponed or adjourned. The Extraordinary General Meeting will be conducted
via live webcast. You will be able to attend the Extraordinary General Meeting online, vote and submit your questions during the Extraordinary
General Meeting by visiting https://www.cstproxy.com/infintspac/2022 and entering the 12 digit control number included on your
proxy card. We are pleased to utilize the virtual general meeting technology to (i) provide ready access and cost savings for our shareholders
and the Company and (ii) to promote social distancing pursuant to guidance provided by the Center for Disease Control and the U.S. Securities
and Exchange Commission due to the novel coronavirus. The virtual meeting format allows attendance from any location in the world. The
meeting may be attended virtually online via the Internet and for purposes of the Amended and Restated Memorandum and Articles of Association
of the Company, the physical location of the Extraordinary General Meeting is at the offices of Greenberg Traurig, LLP, located at One
Vanderbilt Avenue, New York, NY 10017, United States of America.
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
proxy statement contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking
statements may relate to the Company’s initial business combination and any other statements relating to future results, strategy
and plans of the Company (including statements which may be identified by the use of the words “plans”, “expects”
or “does not expect”, “estimated”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”,
“targets”, “projects”, “contemplates”, “predicts”, “potential”, “continue”,
or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”,
“could”, “would”, “should”, “might”, “will” or “will be taken”,
“occur” or “be achieved”).
Forward-looking
statements are based on the opinions and estimates of management of the Company as of the date such statements are made, and they are
subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity,
performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These risks
and uncertainties include, but are not limited to:
| ● | the
occurrence of any event, change or other circumstances that could give rise to a delay in
or the failure to close our initial business combination, including the previously announced
business combination; |
| | |
| ● | the
amount of redemptions by our public shareholders; |
| | |
| ● | the
ability to retain key personnel and the ability to achieve shareholder and regulatory approvals,
industry trends, legislation or regulatory requirements and developments in the global economy
as well as the public health crisis related to the coronavirus (COVID-19) pandemic and resulting
significant negative effects to the global economy; |
| | |
| ● | disrupted
global supply chains and significant volatility and disruption of financial markets; |
| | |
| ● | increased
expenses associated with being a public company; |
| | |
| ● | our
officers and directors allocating their time to other businesses and potentially having conflicts
of interest with our business or in approving our initial business combination, as a result
of which they would then receive expense reimbursements; |
| | |
| ● | our
potential ability to obtain additional financing, if needed, to complete our initial business
combination; |
| | |
| ● | our
pool of prospective target businesses; |
| | |
| ● | the
ability of our officers and directors to generate a number of potential investment opportunities;
|
| | |
| ● | our
public securities’ potential liquidity and trading; |
| | |
| ● | the
use of proceeds not held in our trust account or available to us from interest income on
the trust account balance; and |
| | |
| ● | our
financial performance. |
Additional
information on these and other factors that may cause actual results and the Company’s performance to differ materially is included
in the Company’s periodic reports filed with the SEC, including, but not limited to, the Company’s Annual Report on Form
10-K for the year ended December 31, 2021, including those factors described under the heading “Risk Factors” therein,
and the Company’s subsequent Quarterly Reports on Form 10-Q, and, in connection with the Business Combination, the Registration
Statement, as it may be amended or supplemented from time to time. Copies of the Company’s filings with the SEC
are available publicly on the SEC’s website at www.sec.gov or may be obtained by contacting the Company. Should one or more of
these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects
from those projected in these forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. These forward-looking statements are made only as of the date hereof, and the Company
undertakes no obligations to update or revise the forward-looking statements, whether as a result of new information, future events or
otherwise, except as required by law.
QUESTIONS
AND ANSWERS ABOUT THE EXTRAORDINARY GENERAL MEETING
These
Questions and Answers are only summaries of the matters they discuss. They do not contain all of the information that may be important
to you. You should read carefully the entire document, including any annexes to this proxy statement.
Why
am I receiving this proxy statement?
This
proxy statement and the enclosed proxy card are being sent to you in connection with the solicitation of proxies by the Board for use
at the Extraordinary General Meeting to be held virtually on , 2022, or at any adjournments thereof. This proxy statement summarizes
the information that you need to make an informed decision on the proposals to be considered at the Extraordinary General Meeting.
INFINT
is a blank check company incorporated on March 8, 2021, as a Cayman Islands exempted company and incorporated for the purpose of effecting
a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses,
which we refer to as our initial business combination. On November 23, 2021, INFINT consummated the IPO of its units, with each unit
consisting of one Class A Ordinary Share and one-half of one redeemable warrant to purchase one Class A Ordinary Share, which included
the full exercise by the underwriters of their over-allotment option in the amount of 19,999,880 units. Simultaneously with the closing
of the IPO, INFINT completed the private sale of 7,796,842 private placement warrants at a purchase price of $1.00 per private placement
warrant to the Sponsor generating gross proceeds to us of $207,795,642. Following the closing of INFINT’s IPO, a total of $202,998,782
($10.15 per unit) of the net proceeds from its IPO and the sale of the private placement warrants were placed in the Trust Account with
Continental Stock Transfer & Trust Company (“Continental”) acting as trustee. The Charter provides for the return of
the IPO proceeds held in the Trust Account to the holders of public shares if we do not complete our initial business combination by
the Original Termination Date (unless further extended pursuant to the Charter).
On
August 3, 2022, the Company entered into that certain Business Combination Agreement with Merger Sub, and Seamless, pursuant to which
Merger Sub will merge with and into Seamless, with Seamless surviving the merger as a wholly owned subsidiary of INFINT. While
we are using our best efforts to complete the Business Combination as soon as practicable, the Board believes that there will not be
sufficient time before the Original Termination Date to complete the Business Combination. Accordingly, the Board believes that
in order to be able to complete the Business Combination, it is appropriate to obtain the Extension. The Board believes that the initial
business combination opportunity with Seamless is compelling and in the best interests of our shareholders. Therefore, the Board has
determined that it is in the best interests of our shareholders to extend the date by which the Company must complete an initial business
combination to the Extended Date. If the closing of the Business Combination occurs prior to the scheduled date of the Extraordinary
General Meeting, the Extraordinary General Meeting will be cancelled and will not be held.
What
is being voted on?
You
are being asked to vote on the following proposals:
| 1. | as
a special resolution, to amend the Charter pursuant to an amendment to the Charter in the
form set forth in Annex A of the accompanying proxy statement to extend the date by which
the Company must (1) consummate a merger, amalgamation, share exchange, asset acquisition,
share purchase, reorganization or similar business combination, which we refer to as our
initial business combination, (2) cease its operations except for the purpose of winding
up if it fails to complete such initial business combination, and (3) redeem all of the Class
A Ordinary Shares, included as part of the units sold in the IPO, if it fails to complete
such initial business combination from the Original Termination Date to the Extended Date;
and |
| | |
| 2. | as
an ordinary resolution, to approve the Adjournment Proposal, which will only be presented
at the Extraordinary General Meeting if, based on the tabulated votes, there are not sufficient
votes at the time of the Extraordinary General Meeting to approve the Extension Proposal,
in which case the Adjournment Proposal will be the only proposal presented at the Extraordinary
General Meeting. |
If
the Extension Proposal is approved, we plan to hold another shareholder meeting prior to the Extended Date in order to seek shareholder
approval of the Business Combination and related proposals. For more information regarding the Business Combination and the Business
Combination Agreement, please read the Company’s Current Report on Form 8-K relating to the Business Combination filed with the
SEC on August 9, 2022, in connection with the Business Combination Agreement and the Registration Statement.
You
are not being asked to vote on the Business Combination at this time. If the Extension is implemented and you do not elect to redeem
your public shares, you will retain the right to vote on the Business Combination if and when it is submitted to shareholders and the
right to redeem your public shares for cash in the event the Business Combination is approved and completed or the Company has not consummated
an initial business combination by the Extended Date.
What
is the effect of giving a proxy?
Proxies
are solicited by and on behalf of our Board. Alexander Edgarov and Sheldon Brickman have been designated as proxies by our Board. When
proxies are properly dated, executed and returned, the shares represented by such proxies will be voted at the Extraordinary General
Meeting in accordance with the instructions of the shareholder. If no specific instructions are given, however, the shares will be voted
in accordance with the recommendations of our Board as described below. If any matters not described in this proxy statement are properly
presented at the Extraordinary General Meeting, the proxy holders will use their own judgment to determine how to vote the shares. If
the Extraordinary General Meeting is adjourned, the proxy holders can vote the shares on the new Extraordinary General Meeting date as
well, unless you have properly revoked your proxy instructions, as described elsewhere herein.
Can
I attend the Extraordinary General Meeting?
The
Extraordinary General Meeting will be conducted via live webcast. You will be able to attend the Extraordinary General Meeting online,
vote and submit your questions during the Extraordinary General Meeting by visiting https://www.cstproxy.com/infintspac/2022
and entering the 12 digit control number included on your proxy card. We are pleased to utilize the virtual general meeting technology
to (i) provide ready access and cost savings for our shareholders and the Company, and (ii) to promote social distancing pursuant to
guidance provided by the Center for Disease Control and the U.S. Securities and Exchange Commission due to the novel coronavirus. The
virtual meeting format allows attendance from any location in the world. The meeting may be attended virtually online via the Internet
and for purposes of the Amended and Restated Memorandum and Articles of Association of the Company, the physical location of the Extraordinary
General Meeting is at the offices of Greenberg Traurig, LLP, located at One Vanderbilt Avenue, New York, NY 10017, United States of America.
You may submit your proxy by completing, signing, dating and returning the enclosed proxy card in the accompanying pre-addressed postage-paid
envelope. If you hold your shares in “street name,” which means your shares are held of record by a broker, bank or nominee,
you should contact your broker, bank or nominee to ensure that votes related to the shares you beneficially own are properly counted.
In this regard, you must provide the broker, bank or nominee with instructions on how to vote your shares.
Why
should I vote to approve the Extension?
Our
Board believes shareholders will benefit from the Company consummating an initial business combination and is proposing the Extension
to extend the date by which the Company has to complete an initial business combination until the Extended Date. The Extension would
give the Company the opportunity to complete its initial business combination.
The
Charter currently provides that if the Company does not complete an initial business combination by the Original Termination Date (being
the date that is 12 months after the date on which the IPO was consummated) and the Sponsor determines
not to fund any additional extension as permitted by the Charter, we will (i) cease all operations except for the purpose of winding
up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held
in the trust account (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding
public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to
receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to
the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject, in the case of clauses (ii) and
(iii), to our obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements
of applicable law.
We
believe that the provisions of the Charter described in the preceding paragraph were included to protect the Company’s shareholders
from having to sustain their investments for an unreasonably long period if the Company failed to find a suitable initial business combination
in the timeframe contemplated by the Charter. We also believe, however, that given the Company’s expenditure of time, effort and
money on pursuing an initial business combination, our entry into the Business Combination Agreement, and our belief that the Business
Combination offers an attractive investment for our shareholders, the Extension is warranted.
In
connection with the Extension, public shareholders may elect to redeem their shares for a per-share price, payable in cash, equal to
the aggregate amount then on deposit in the Trust Account, including interest not previously released to the Company to pay its income
taxes, divided by the number of then-issued and outstanding Class A Ordinary Shares, regardless of how such public shareholders vote
on the Extension Proposal, or if they vote at all. We will not proceed with the Extension if redemptions of public shares cause us to
have less than $5,000,001 of net tangible assets following approval of the Extension Proposal.
We
reserve the right at any time to cancel the Extraordinary General Meeting and not to submit to our shareholders the Extension Proposal
and implement the Extension. Pursuant to the Charter, the Sponsor may, but is not obligated to, request to extend the period of time
to consummate a business combination up to two times, each by an additional three months, for an aggregate of six additional months,
provided that the Sponsor (or its affiliates or permitted designees) will deposit into the Trust Account $2,999,982 (the “Extension
Payment”) for each such extension in exchange for a non-interest bearing, unsecured promissory note payable.
Liquidation
of the Trust Account is a fundamental obligation of the Company to the public shareholders and the Company is not proposing and will
not propose to change that obligation to the public shareholders. If holders of public shares do not elect to redeem their public shares,
such holders shall retain redemption rights in connection with an initial business combination. Assuming the Extension is approved, the
Company will have until the Extended Date to complete an initial business combination.
Our
Board recommends that you vote in favor of the Extension Proposal, but expresses no opinion as to whether you should redeem your public
shares.
How
do the Company insiders intend to vote their shares?
The
Sponsor and other and initial shareholders and their permitted transferees (collectively, the “Initial Shareholders”) collectively
have the right to vote approximately 22.3% of the Company’s issued and outstanding Ordinary Shares and are expected to vote all
of their shares in favor of each proposal to be voted upon by our shareholders.
Subject
to applicable securities laws (including with respect to material nonpublic information), the Sponsor, the Company’s directors,
officers, advisors or any of their respective affiliates may (i) purchase public shares from institutional and other investors (including
those who vote, or indicate an intention to vote, against any of the proposals presented at the Extraordinary General Meeting, or elect
to redeem, or indicate an intention to redeem, public shares), (ii) enter into transactions with such investors and others to provide
them with incentives to not redeem their public shares, or (iii) execute agreements to purchase such public shares from such investors
or enter into non-redemption agreements in the future. In the event that the Sponsor, the Company’s directors, officers, advisors
or any of their respective affiliates purchase public shares in situations in which the tender offer rules restrictions on purchases
would apply, they (a) would purchase the public shares at a price no higher than the price offered through the Company’s redemption
process (i.e., approximately $10.15 per share, based on the amounts held in the Trust Account as of June 30, 2022); (b) would represent
in writing that such public shares will not be voted in favor of approving the Extension; and (c) would waive in writing any redemption
rights with respect to the public shares so purchased.
To
the extent any such purchases by the Sponsor, the Company’s directors, officers, advisors or any of their respective affiliates
are made in situations in which the tender offer rules restrictions on purchases apply, the Company will disclose in a Current Report
on Form 8-K prior to the Extraordinary General Meeting the following: (i) the number of public shares purchased outside of the redemption
offer, along with the purchase price(s) for such public shares; (ii) the purpose of any such purchases; (iii) the impact, if any, of
the purchases on the likelihood that the Extension will be approved; (iv) the identities of the securityholders who sold to the Sponsor,
the Company’s directors, officers, advisors or any of their respective affiliates (if not purchased on the open market) or the
nature of the securityholders (e.g., 5% security holders) who sold such public shares; and (v) the number of Ordinary Shares for which
the Company has received redemption requests pursuant to its redemption offer.
The
purpose of such share purchases and other transactions would be to increase the likelihood of (i) otherwise limiting the number of public
shares electing to redeem and (ii) the Company’s net tangible assets (as determined in accordance with Rule 3a51(g)(1) of the Exchange
Act) being at least $5,000,001.
If
such transactions are effected, the consequence could be to cause the Extension to be effectuated in circumstances where such effectuation
could not otherwise occur. Consistent with SEC guidance, purchases of shares by the persons described above would not be permitted to
be voted for the Extension at the Extraordinary General Meeting and could decrease the chances that the Extension would be approved.
In addition, if such purchases are made, the public “float” of our securities and the number of beneficial holders of our
securities may be reduced, possibly making it difficult to maintain or obtain the quotation, listing or trading of our securities on
a national securities exchange.
The
Company hereby represents that any Company securities purchased by the Sponsor, the Company’s directors, officers, advisors or
any of their respective affiliates in situations in which the tender offer rules restrictions on purchases would apply would not be voted
in favor of approving the Extension Proposal.
Who
is the Company’s Sponsor?
The
Company’s sponsor is INFINT Capital LLC, a Delaware limited liability company. The Sponsor currently owns 5,733,084 Class B ordinary
shares of the Company. Alexander Edgarov, the Company’s Chief Executive Officer and the sole managing member of the Sponsor, is
a U.S. person. The Company is a Cayman Islands exempted company. All of the Company’s officers and directors, except for one director,
are U.S. persons. Seamless is a Cayman Islands exempted companies that is headquartered in Singapore.
Based
on the above, the Company does not believe that the proposed business combination will be subject to the review by the Committee on Foreign
Investment in the United States (the “CFIUS”). Nor does the Company believe that if such a review were conceivable that the
proposed business combination ultimately would be prohibited.
However,
if the proposed business combination were to become subject to the CFIUS’ review, the CFIUS could decide to block or delay our
proposed initial business combination, impose conditions with respect to such initial business combination or request the President of
the United States to order us to divest all or a portion of the target business of our initial business combination that we acquired
without first obtaining the CFIUS approval. The time required for the CFIUS to conduct its review and any remedy imposed by the CFIUS
could prevent the Company from completing its initial business combination and require the Company to liquidate. In that case, investors
would be entitled to redemption of 100% of the public shares, at a per-share price, payable in cash, equal to the quotient obtained by
dividing (A) the aggregate amount then on deposit in the Trust Account, including interest not previously released to the Company to
pay its income taxes (less up to $100,000 of interest to pay dissolution expenses), by (B) the total number of then-issued and outstanding
public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to
receive further liquidating distributions, if any). Moreover, investors would lose the investment opportunity in a target company, any
price appreciation in the combined companies, and the warrants would expire worthless.
What
vote is required to approve the Extension Proposal?
Approval
of the Extension Proposal requires a special resolution under the Companies Act, being the affirmative vote of the holders of at least
two-thirds of the Ordinary Shares issued and outstanding, voting together as a single class, represented in person or by proxy and entitled
to vote thereon and who do so in person or by proxy at the Extraordinary General Meeting.
What
vote is required to approve the Adjournment Proposal?
Approval
of the Adjournment Proposal requires an ordinary resolution under Cayman Islands law, being the affirmative vote of a majority of the
Ordinary Shares issued and outstanding, represented in person or by proxy and entitled to vote thereon and who do so in person or by
proxy at the Extraordinary General Meeting.
What
if I want to vote against or don’t want to vote for any of the proposals?
If
you do not want any of the proposals to be approved, you must abstain, not vote or vote against such proposal. A shareholder’s
failure to vote by proxy or to vote in person at the Extraordinary General Meeting will not be counted towards the number of Ordinary
Shares required to validly establish a quorum. Abstentions will be counted in connection with the determination of whether a valid quorum
is established.
Will
you seek any further extensions to liquidate the Trust Account?
Other
than the extension until the Extended Date as described in this proxy statement, we do not currently anticipate seeking any further
extension to consummate an initial business combination.
What
happens if the Extension Proposal is not approved?
If
the Extension Proposal is not approved, the Sponsor determines not to fund any additional extension
as permitted by the Charter, and we do not consummate an initial business combination by the Original Termination Date,
we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than
ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on
deposit in the trust account, including interest earned on the funds held in the trust account (less taxes payable and up to $100,000
of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish
public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any) and (iii)
as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of
directors, liquidate and dissolve, subject, in the case of clauses (ii) and (iii), to our obligations under Cayman Islands law to provide
for claims of creditors and in all cases subject to the other requirements of applicable law.
There
will be no distribution from the Trust Account with respect to our warrants which will expire worthless in the event we wind up.
In
the event of a liquidation, the Sponsor, directors and officers will not receive any monies held in the Trust Account as a result of
their ownership of the Founder Shares or warrants (each, a “Private Warrant” and collectively, the “Private Warrants).
If
the Extension is approved, what happens next?
If
the Extension Proposal is approved, we will continue to attempt to consummate the Business Combination until the Extended Date. We expect
to seek shareholder approval of the Business Combination. If shareholders approve the Business Combination, we expect to consummate the
Business Combination as soon as possible following such shareholder approval. Because we have only a limited time to complete our initial
business combination, even if we are able to effect the Extension, our failure to obtain any required regulatory approvals in connection
with the Business Combination within the requisite time period may require us to liquidate. Upon
approval of the Extension Proposal by the holders of at least two-thirds of the Ordinary Shares represented in person or by proxy and
entitled to vote thereon and who do so at the Extraordinary General Meeting, the Company will file an amendment to the Charter with the
Cayman Islands Registrar of Companies (the “Cayman Registrar”) in the form attached as Annex A hereto. The Company will remain
a reporting company under the Exchange Act, and its units, Class A Ordinary Shares and public warrants will remain publicly traded.
If
the Extension is approved, any removal of any Withdrawal Amount (defined as an amount equal to the number of public shares properly redeemed
multiplied by the aggregate amount then on deposit in the Trust Account, including interest not previously released to the Company to
pay its taxes, divided by the number of then outstanding public shares) from the Trust Account will reduce the amount remaining in the
Trust Account and increase the percentage interest of Ordinary Shares held by the Sponsor through the Founder Shares. We will not proceed
with the Extension if redemptions of public shares cause us to have less than $5,000,001 of net tangible assets following approval of
the Extension.
If
the Extension is approved, the Sponsor will continue to receive payments from the Company of $10,000 per month for office space, administrative
and support services until the earlier of the Company’s consummation of an initial business combination or the Company’s
liquidation pursuant to the Administrative Services Agreement, dated as of November 23, 2021, by and between the Company and the Sponsor
(the “Administrative Services Agreement”).
Where
will I be able to find the voting results of the Extraordinary General Meeting?
We
will announce preliminary voting results at the Extraordinary General Meeting. We will also disclose voting results on a Current Report
on Form 8-K that we will file with the SEC within four business days after the Extraordinary General Meeting. If final voting results
are not available to us in time to file a Current Report on Form 8-K within four business days after the Extraordinary General Meeting,
we will file a Current Report on Form 8-K to publish preliminary results and will provide the final results in an amendment to such Current
Report on Form 8-K as soon as they become available.
Would
I still be able to exercise my redemption rights in connection with a vote to approve a proposed initial business combination such as
the Business Combination?
Yes.
Assuming you are a shareholder as of the record date for voting on a proposed initial business combination, you will be able to vote
on a proposed initial business combination such as the Business Combination when it is submitted to shareholders. If you disagree with
an initial business combination, such as the Business Combination, you will retain your right to redeem your public shares upon consummation
of such initial business combination, subject to any limitations set forth in the Charter.
How
do I change my vote?
Shareholders
may send a later-dated, signed proxy card to the Company at 32 Broadway, Suite 401, New York, New York 10004, so that it is received
by the Company prior to the vote at the Extraordinary General Meeting (which is scheduled to take place on , 2022). Shareholders also
may revoke their proxy by sending a notice of revocation to the Company, which must be received by the Company prior to the vote at the
Extraordinary General Meeting. However, if your shares are held in “street name” by your broker, bank or another nominee,
you must contact your broker, bank or other nominee to change your vote.
How
are votes counted?
Votes
will be counted by the inspector of election appointed for the meeting, who will separately count “FOR” and “AGAINST”
votes, abstentions and broker non-votes for each of the proposals. A shareholder’s failure to vote by proxy or to vote in person
at the meeting will not be counted towards the number of Ordinary Shares required to validly establish a quorum. Abstentions will be
counted in connection with the determination of whether a valid quorum is established.
If
my shares are held in “street name,” will my broker automatically vote them for me?
If
you do not give instructions to your broker, your broker can vote your shares with respect to “discretionary” items, but
not with respect to “non-discretionary” items. We believe that each of the proposals are “non-discretionary”
items.
Your
broker can vote your shares with respect to “non-discretionary” items only if you provide instructions on how to vote. You
should instruct your broker to vote your shares. Your broker can tell you how to provide these instructions. If you do not give your
broker instructions, your shares will be treated as broker non-votes with respect to all proposals. Abstentions and broker non-votes,
while considered present for the purposes of establishing a quorum, will not count as votes cast at the Extraordinary General Meeting.
What
is a quorum?
A
quorum is the minimum number of shares required to be present at the Extraordinary General Meeting for the Extraordinary General Meeting
to be properly held under the Charter and the Companies Act. The presence, in person, by proxy, or if a corporation or other non-natural
person, by its duly authorized representative or proxy, of the holders of a majority of the issued and outstanding Ordinary Shares entitled
to vote at the Extraordinary General Meeting constitutes a quorum. Proxies that are marked “abstain” and proxies relating
to “street name” shares that are returned to us but marked by brokers as “not voted” (so-called “broker
non-votes”) will be treated as shares present for purposes of determining the presence of a quorum on all matters. If a shareholder
does not give the broker voting instructions, under applicable self-regulatory organization rules, its broker may not vote its shares
on “non-discretionary” matters. We believe that each of the proposals is a “non-discretionary” matter.
Who
can vote at the Extraordinary General Meeting?
Holders
of our Ordinary Shares as of the close of business on October 27, 2022, the record date, are entitled to vote at the Extraordinary General
Meeting. As of the record date, there were Ordinary Shares issued and outstanding, consisting of Class A Ordinary Shares and Class B
Ordinary Shares, par value $0.0001 per share. In deciding all matters at the Extraordinary General Meeting, each shareholder will be
entitled to one vote for each share held by them on the record date. Holders of Class A Ordinary Shares and holders of Class B Ordinary
Shares will vote together as a single class on all matters submitted to a vote of our shareholders except as required by law. The Initial
Shareholders collectively own all of our issued and outstanding Founder Shares, constituting approximately 22.3% of our issued and outstanding
Ordinary Shares.
Registered
Shareholders. If our shares are registered directly in your name with our transfer agent, Continental, you are considered the shareholder
of record with respect to those shares. As the shareholder of record, you have the right to grant your voting proxy directly to the individuals
listed on the proxy card or to vote in person at the Extraordinary General Meeting.
Street
Name Shareholders. If our shares are held on your behalf in a brokerage account or by a bank or other nominee, you are considered
the beneficial owner of those shares held in “street name,” and your broker or nominee is considered the shareholder of record
with respect to those shares. As the beneficial owner, you have the right to direct your broker or nominee as to how to vote your shares.
However, since a beneficial owner is not the shareholder of record, you may not vote your Ordinary Shares at the Extraordinary General
Meeting unless you follow your broker’s procedures for obtaining a legal proxy. Throughout this proxy, we refer to shareholders
who hold their shares through a broker, bank or other nominee as “street name shareholders.”
Does
the board of directors recommend voting for the approval of the proposals?
Yes.
After careful consideration of the terms and conditions of these proposals, the Board has determined that each of the proposals are in
the best interests of the Company and its shareholders. The Board recommends that the Company’s shareholders vote “FOR”
each of the proposals.
What
interests do the Company’s directors and officers have in the approval of the proposals?
The
Company’s directors and officers have interests in the proposals that may be different from, or in addition to, your interests
as a shareholder. These interests include ownership of Founder Shares, the Private Warrants that may become exercisable in the future,
any loans by them to the Company that will not be repaid in the event of our winding up and the possibility of future compensatory arrangements.
See the section entitled “Proposal No. 1 — The Extension Proposal — Interests of the
Sponsor and the Company’s Directors and Officers.”
Are
there any appraisal or similar rights for dissenting shareholders?
Neither
the Companies Act nor the Charter provide for appraisal or other similar rights for dissenting shareholders in connection with any of
the proposals to be voted upon at the Extraordinary General Meeting. Accordingly, our shareholders will have no right to dissent and
obtain payment for their shares.
What
happens to the Company’s warrants if the Extension is not approved?
If
the Extension is not approved, the Sponsor determines not to fund any additional extension as permitted by the Charter and we do not
consummate an initial business combination by the Original Termination Date, we will (i)
cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days
thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust
account, including interest earned on the funds held in the trust account (less taxes payable and up to $100,000 of interest to pay dissolution
expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public shareholders’
rights as shareholders (including the right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of our remaining shareholders and the Board, liquidate and dissolve, subject,
in the case of clauses (ii) and (iii), to our obligations under Cayman Islands law to provide for claims of creditors and in all cases
subject to the other requirements of applicable law. There will be no redemption rights or liquidating distributions with respect to
our warrants, which will expire worthless in the event of our winding up.
What
happens to the Company’s warrants if the Extension is approved?
If
the Extension is approved, the Company will continue to attempt to consummate an initial business combination until the Extended Date,
and will retain the blank check company restrictions previously applicable to it. The warrants will remain outstanding in accordance
with their terms.
How
do I vote?
If
you are a holder of record of Ordinary Shares on October 27, 2022, the record date for the Extraordinary General Meeting, you may vote
in person at the Extraordinary General Meeting online or by submitting a proxy for the Extraordinary General Meeting. You may submit
your proxy by completing, signing, dating and returning the enclosed proxy card in the accompanying pre-addressed postage-paid envelope.
If you hold your shares in “street name,” which means your shares are held of record by a broker, bank or nominee, you should
contact your broker, bank or nominee to ensure that votes related to the shares you beneficially own are properly counted. In this regard,
you must provide the broker, bank or nominee with instructions on how to vote your shares or, if you wish to attend the Extraordinary
General Meeting and vote in person online, obtain a valid proxy from your broker, bank or nominee.
How
do I redeem my Ordinary Shares?
Pursuant
to the Charter, a public shareholder may request that the Company redeem all or a portion of such public shareholder’s public shares
for cash if the Extension Proposal is approved. You will be entitled to receive cash for any public shares to be redeemed only if you:
| i. | (a)
hold public shares or (b) hold public shares as part of units and elect to separate such
units into the underlying public shares and public warrants prior to exercising your redemption
rights with respect to the public shares; and |
| | |
| ii. | prior
to p.m., Eastern Time, on , 2022 (two business days prior to the vote at the Extraordinary
General Meeting), (a) submit a written request to Continental, the Company’s transfer
agent, that the Company redeem your public shares for cash and (b) deliver your public shares
to the transfer agent, physically or electronically through The Depository Trust Company.
|
Holders
of units must elect to separate the underlying public shares and public warrants prior to exercising redemption rights with respect to
the public shares. If holders hold their units in an account at a brokerage firm or bank, holders must notify their broker or bank that
they elect to separate the units into the underlying public shares and public warrants, or if a holder holds units registered in its
own name, the holder must contact the transfer agent directly and instruct it to do so. Public shareholders may elect to redeem all or
a portion of their public shares even if they vote for the Extension Proposal.
Based
upon the current amount in the Trust Account, the Company anticipates that the per-share price at which public shares will be redeemed
from cash held in the Trust Account will be approximately $10.15 at the time of the Extraordinary
General Meeting. The closing price of the Company’s Class A Ordinary Shares on , 2022 was
$ per share. The Company cannot assure shareholders that they will be able to sell their Class A Ordinary Shares the open market, even
if the market price per share is higher than the redemption price stated above, as there may not be sufficient liquidity in its securities
when such shareholders wish to sell their shares.
What
should I do if I receive more than one set of voting materials?
You
may receive more than one set of voting materials, including multiple copies of this proxy statement and multiple proxy cards or voting
instruction cards, if your shares are registered in more than one name or are registered in different accounts. For example, if you hold
your shares in more than one brokerage account, you will receive a separate voting instruction card for each brokerage account in which
you hold shares. Please complete, sign, date and return each proxy card and voting instruction card that you receive in order to cast
a vote with respect to all of your shares.
Who
is paying for this proxy solicitation?
The
Board is soliciting proxies for use at the Extraordinary General Meeting. All costs associated with this solicitation will be borne directly
by the Company, subject any applicable provisions of the Business Combination Agreement. We have engaged Morrow Sodali LLC (“Morrow”)
to assist in the solicitation of proxies for the Extraordinary General Meeting. We have agreed to pay Morrow a fee of $25,000 and will
reimburse Morrow for its reasonable out-of-pocket expenses and indemnify Morrow against certain losses, damages, expenses, liabilities
or claims. We will also reimburse banks, brokers and other custodians, nominees and fiduciaries representing beneficial owners of Class
A Ordinary Shares for their expenses in forwarding soliciting materials to beneficial owners of Class A Ordinary Shares and in obtaining
voting instructions from those owners. Our directors and officers may also solicit proxies by telephone, by facsimile, by mail, on the
Internet or in person. They will not be paid any additional amounts for soliciting proxies.
Who
can help answer my questions?
If
you have questions about the Extraordinary General Meeting or the proposals to be presented thereat, if you need additional copies of
the proxy statement or the enclosed proxy card, or if you would like copies of any of the Company’s filings with the SEC, including
our Annual Report on Form 10-K for the year ended December 31, 2021, and our subsequent Quarterly Reports on Form 10-Q, you should contact:
INFINT
Acquisition Corporation
32
Broadway, Suite 401
New
York, New York 10004
Attn:
Alexander Edgarov
Telephone:
(212)287-5010
Email:
sasha@infintspac.com
You
may also contact the Company’s proxy solicitor at:
Morrow
Sodali LLC
333
Ludlow Street
5th
Floor, South Tower
Stamford,
CT 06902
Telephone:
(800) 662-5200
(banks
and brokers can call collect at (203) 658-9400)
Email:
IFIN.info@investor.morrowsodali.com
For
more information regarding the Business Combination Agreement, please read the Company’s Current Report on Form 8-K relating to
the Business Combination filed with the SEC on August 9, 2022, the Registration Statement and the complete text of the Business
Combination Agreement provided as an annex thereto. You may also
obtain additional information about the Company from documents filed with the SEC by following the instructions in the section entitled
“Where You Can Find More Information.”
If
you are a holder of public shares and you intend to seek redemption of your shares, you will need to deliver your public shares (either
physically or electronically) to the transfer agent at the address below prior to p.m., Eastern Time, on , 2022 (two business days prior
to the vote at the Extraordinary General Meeting). If you have questions regarding the certification of your position or delivery of
your shares, please contact:
Continental
Stock Transfer & Trust Company
1
State Street, 30th Floor New
York,
New York 10004
E-mail:
THE
EXTRAORDINARY GENERAL MEETING
Date,
Time, Place and Purpose of the Extraordinary General Meeting
The
Extraordinary General Meeting will be conducted via live webcast. You will be able to attend the Extraordinary General Meeting online,
vote and submit your questions during the Extraordinary General Meeting by visiting https://www.cstproxy.com/infintspac/2022
and entering the 12 digit control number included on your proxy card. We are pleased to utilize the virtual general meeting technology
to (i) provide ready access and cost savings for our shareholders and the Company, and (ii) to promote social distancing pursuant to
guidance provided by the Center for Disease Control and the U.S. Securities and Exchange Commission due to the novel coronavirus. The
virtual meeting format allows attendance from any location in the world. The meeting may be attended virtually online via the Internet
and for purposes of the Amended and Restated Memorandum and Articles of Association of the Company, the physical location of the Extraordinary
General Meeting is at the offices of Greenberg Traurig, LLP, located at One Vanderbilt Avenue, New York, NY 10017, United States of America.
At the Extraordinary General Meeting, you will be asked to consider and vote on proposals to:
| 1. | Proposal
No. 1 — The Extension Proposal — as a special resolution, to
amend the Charter pursuant to an amendment to the Charter in the form set forth in Annex
A of the accompanying proxy statement to extend the date by which the Company must (1) consummate
a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization
or similar business combination, which we refer to as our initial business combination, (2)
cease its operations except for the purpose of winding up if it fails to complete such initial
business combination, and (3) redeem all of the Class A Ordinary Shares, included as part
of the units sold in the Company’s IPO, if it fails to complete such initial business
combination, from the Original Termination Date to the Extended Date; and |
| | |
| 2. | Proposal
No. 2 — The Adjournment Proposal — as an ordinary resolution,
to approve the adjournment of the Extraordinary General Meeting to a later date or dates,
if necessary, to permit further solicitation and vote of proxies in the event that there
are insufficient votes for, or otherwise in connection with, the Extension Proposal, which
will only be presented at the Extraordinary General Meeting if, based on the tabulated votes,
there are not sufficient votes at the time of the Extraordinary General Meeting to approve
the Extension Proposal, in which case the Adjournment Proposal will be the only proposal
presented at the Extraordinary General Meeting. |
Voting
Power; Record Date
Only
shareholders of record of the Company as of the close of business on October 27, 2022, are entitled to notice of, and to vote at, the
Extraordinary General Meeting or any adjournment or postponement thereof. Each ordinary share entitles the holder thereof to one vote.
If your shares are held in “street name” or are in a margin or similar account, you should contact your broker to ensure
that votes related to the shares you beneficially own are properly counted. On the record date, there were Ordinary Shares issued and
outstanding, including Class A Ordinary Shares (that were initially sold as part of the IPO) and Class B Ordinary Shares. The Company’s
warrants do not have voting rights in connection with the proposals.
Quorum
and Vote of Shareholders
A
quorum is the minimum number of shares required to be present at the Extraordinary General Meeting for the Extraordinary General Meeting
to be properly held under the Charter and the Companies Act. The presence, in person, by proxy, or if a corporation or other non-natural
person, by its duly authorized representative or proxy, of the holders of a majority of the issued and outstanding Ordinary Shares entitled
to vote at the Extraordinary General Meeting constitutes a quorum. Proxies that are marked “abstain” and proxies relating
to “street name” shares that are returned to us but marked by brokers as “not voted” so-called “broker
non-votes”) will be treated as shares present for purposes of determining the presence of a quorum on all matters. If a shareholder
does not give the broker voting instructions, under applicable self-regulatory organization rules, its broker may not vote its shares
on “non-discretionary” matters. We believe each of the proposals constitutes a “non-discretionary” matter.
Votes
Required
Approval
of the Extension Proposal requires a special resolution under the Companies Act, being the affirmative vote of holders of at least two-thirds
of the Ordinary Shares issued and outstanding, represented in person or by proxy and entitled to vote thereon and who do so at the Extraordinary
General Meeting. Abstentions and broker non-votes, while considered present for the purposes of establishing a quorum, will not count
as votes cast at the Extraordinary General Meeting.
Approval
of the Adjournment Proposal requires an ordinary resolution under Cayman Islands law, being the affirmative vote of a majority of the
Ordinary Shares issued and outstanding, represented in person or by proxy and entitled to vote thereon and who vote at the Extraordinary
General Meeting. Abstentions and broker non-votes, while considered present for the purposes of establishing a quorum, will not count
as votes cast at the Extraordinary General Meeting.
If
you do not want any of the proposals to be approved, you must abstain, not vote or vote against such proposal. A shareholder’s
failure to vote by proxy or to vote in person at the Extraordinary General Meeting will not be counted towards the number of Ordinary
Shares required to validly establish a quorum. Abstentions will be counted in connection with the determination of whether a valid quorum
is established.
Voting
The
Board is asking for your proxy. Giving the Board your proxy means you authorize it to vote your shares at the Extraordinary General Meeting
in the manner you direct. You may vote for or withhold your vote for the proposal or you may abstain from voting. All valid proxies received
prior to the Extraordinary General Meeting will be voted. All shares represented by a proxy will be voted, and where a shareholder specifies
by means of the proxy a choice with respect to any matter to be acted upon, the shares will be voted in accordance with the specification
so made. If no choice is indicated on the proxy, the shares will be voted “FOR” each of the proposals and as the proxy holders
may determine in their discretion with respect to any other matters that may properly come before the Extraordinary General Meeting.
You
can vote your shares at the Extraordinary General Meeting in person online or by proxy. You will be able to attend the Extraordinary
General Meeting online, vote and submit your questions during the Extraordinary General Meeting by visiting https://www.cstproxy.com/infintspac/2022
and entering the 12 digit control number included on your proxy card. You may submit your proxy by completing, signing, dating and
returning the enclosed proxy card in the accompanying pre-addressed postage-paid envelope. If you hold your shares in “street name,”
which means your shares are held of record by a broker, bank or nominee, you should contact your broker, bank or nominee to ensure that
votes related to the shares you beneficially own are properly counted. In this regard, you must provide the broker, bank or nominee with
instructions on how to vote your shares or, if you wish to attend the Extraordinary General Meeting, obtain a valid proxy from your broker,
bank or nominee.
Proxies
that are marked “abstain” and proxies relating to “street name” shares that are returned to us but marked by
brokers as “not voted” (so-called “broker non-votes”) will be treated as shares present for purposes of determining
the presence of a quorum on all matters. If a shareholder does not give the broker voting instructions, under applicable self-regulatory
organization rules, its broker may not vote its shares on “non-discretionary” matters. We believe each of the proposals constitutes
a “non-discretionary” matter.
Shareholders
who have questions or need assistance in completing or submitting their proxy cards should contact our proxy solicitor, Morrow, at (800)
662-5200 or by sending a letter to 333 Ludlow Street, 5th Floor, South Tower, Stamford, CT 06902, or by emailing IFIN.info@investor.morrowsodali.com.
Revocability
of Proxies
Shareholders
may send a later-dated, signed proxy card to the Company at 32 Broadway, Suite 401, New York, New York 10004, so that it is received
by the Company prior to the vote at the Extraordinary General Meeting (which is scheduled to take place on , 2022). Shareholders also
may revoke their proxy by sending a notice of revocation to the Company, which must be received by the Company prior to the vote at the
Extraordinary General Meeting. However, if your shares are held in “street name” by your broker, bank or another nominee,
you must contact your broker, bank or other nominee to change your vote.
Attendance
at the Extraordinary General Meeting
Only
holders of Ordinary Shares, their proxy holders and guests we may invite may attend the Extraordinary Meeting. If you wish to attend
the Extraordinary Meeting virtually but you hold your shares through someone else, such as a broker, you must submit proof of your ownership
and identification with a photo at the Extraordinary Meeting. For example, you may submit an account statement showing that you beneficially
owned Ordinary Shares as of the Record Date as acceptable proof of ownership. In addition, you must submit a legal proxy from the broker,
bank or other nominee holding your shares, confirming your beneficial ownership of the shares and giving you the right to vote your shares.
Solicitation of Proxies
The
Company is soliciting proxies for use at the Extraordinary General Meeting. All costs associated with this solicitation will be borne
directly by the Company. We have engaged Morrow to assist in the solicitation of proxies for the Extraordinary General Meeting. We have
agreed to pay Morrow a fee of $25,000, plus disbursements, and will reimburse Morrow for its reasonable out-of-pocket expenses and indemnify
Morrow against certain losses, damages, expenses, liabilities or claims. We will also reimburse banks, brokers and other custodians,
nominees and fiduciaries representing beneficial owners of Class A Ordinary Shares for their expenses in forwarding soliciting materials
to beneficial owners of Class A Ordinary Shares and in obtaining voting instructions from those owners. Our directors and officers may
also solicit proxies by telephone, by facsimile, by mail, on the Internet or in person. They will not be paid any additional amounts
for soliciting proxies. You may contact Morrow at:
Morrow
Sodali LLC
333
Ludlow Street
5th
Floor, South Tower
Stamford,
CT 06902
Telephone:
(800) 662-5200
(banks
and brokers can call collect at (203) 658-9400)
Email:
IFIN.info@investor.morrowsodali.com
Some
banks and brokers have customers who beneficially own Ordinary Shares listed of record in the names of nominees. We intend to request
banks and brokers to solicit such customers and will reimburse them for their reasonable out-of-pocket expenses for such solicitations.
If any additional solicitation of the holders of our outstanding Ordinary Shares is deemed necessary, we (through our directors and officers)
anticipate making such solicitation directly.
Dissenters’
Rights of Appraisal
Neither
the Companies Act nor the Charter provide for appraisal or other similar rights for dissenting shareholders in connection with any of
the proposals to be voted upon at the Extraordinary General Meeting. Accordingly, our shareholders will have no right to dissent and
obtain payment for their shares.
Shareholder
Proposals
In
accordance with the Charter, notice specifying the general nature of any special business must be given in the notice convening that
meeting. All business carried out at an extraordinary general meeting shall be deemed special.
Other
Business
The
Board does not know of any other matters to be presented at the Extraordinary General Meeting. If any additional matters are properly
presented at the Extraordinary General Meeting, the persons named in the enclosed proxy card will have discretion to vote the shares
they represent in accordance with their own judgment on such matters.
Principal
Executive Offices
Our
principal executive offices are located at 32 Broadway, Suite 401, New York, New York 10004. Our telephone number is (212) 287-5010.
Our corporate website address is https://www.infintspac.com. Our website and the information contained on, or that can be accessed through,
the website is not deemed to be incorporated by reference in, and is not considered part of, this proxy statement.
PROPOSAL
NO. 1 — THE EXTENSION PROPOSAL
Background
On
November 23, 2021, the Company consummated an IPO of 17,391,200 units at $10.00 per unit (the “Units” and, with respect to
the ordinary shares included in the Units, the “Public Shares”) and the sale of 7,032,580 Private Warrants at a price of
$1.00 per Private Warrant in a private placement to the Sponsor that closed simultaneously with the closing of the IPO (the “Private
Placement”). The Company has listed the Units on the New York Stock Exchange (“NYSE”). On November 23, 2021, the underwriters
exercised their over-allotment option in full, according to which the Company consummated the sale of an additional 2,608,680 Units,
at $10.00 per Unit, and the sale of an additional 764,262 Private Warrants, at $1.00 per Private Warrant. Following the closing of the
over-allotment option, the Company generated total gross proceeds of $207,795,642 from the IPO and the Private Placement, of which the
Company raised $199,998,880 in the IPO, $7,796,842 in the Private Placement and of which $202,998,782 was placed in the Company’s
trust account established in connection with the IPO.
Pursuant
to the Charter, we have until November 23, 2022 (being the date that is 12 months after the date on which the IPO was consummated),
to complete an initial business combination. While we are using our best efforts to complete
the Business Combination as soon as practicable, the Board believes that there will not be sufficient time before the Original Termination
Date to complete the Business Combination. Accordingly, the Board believes that in order to be able to complete the Business Combination,
it is appropriate to obtain the Extension. The Board believes that the initial business combination opportunity with Seamless is compelling
and in the best interests of our shareholders. Therefore, the Board has determined that it is in the best interests of our shareholders
to extend the date by which the Company must complete an initial business combination to the Extended Date. If the Extension Proposal
is approved, we plan to hold another shareholder meeting prior to the Extended Date in order to seek shareholder approval of the Business
Combination and related proposals.
The
Extension
We
are proposing to amend the Charter by special resolution pursuant to an amendment to the Charter in the form set forth in Annex A hereof
to extend the date by which the Company must (1) consummate its initial business combination, (2) cease its operations except for the
purpose of winding up if it fails to complete such initial business combination, and (3) redeem all of the Class A Ordinary Shares if
it fails to complete such initial business combination, from the Original Termination Date to the Extension Date.
Reasons
for the Proposal
On
August 3, 2022, the Company entered into that certain Business Combination Agreement with Merger Sub, and Seamless, pursuant to which
Merger Sub will merge with and into Seamless, with Seamless surviving the merger as a wholly owned subsidiary of INFINT. While
we are using our best efforts to complete the Business Combination as soon as practicable, the Board believes that there will not be
sufficient time before the Original Termination Date to complete the Business Combination. Accordingly, the Board believes that
in order to be able to complete the Business Combination, it is appropriate to obtain the Extension. The Board believes that the initial
business combination opportunity with Seamless is compelling and in the best interests of our shareholders. Therefore, the Board has
determined that it is in the best interests of our shareholders to extend the date by which the Company must complete an initial business
combination to the Extended Date. If the closing of the Business Combination occurs prior to the scheduled date of the Extraordinary
General Meeting, the Extraordinary General Meeting will be cancelled and will not be held.
The
Charter currently provides that if the Company does not complete an initial business combination by November 23, 2022 (being the date
that is 12 months after the date on which the IPO was consummated) and the Sponsor determines not
to fund any additional extension as permitted by the Charter, we will (i) cease all operations except for the purpose of winding
up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held
in the trust account (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding
public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to
receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to
the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject, in the case of clauses (ii) and
(iii), to our obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements
of applicable law.
We
believe that the provision of the Charter described in the preceding paragraph was included to protect the Company’s shareholders
from having to sustain their investments for an unreasonably long period if the Company failed to find a suitable initial business combination
in the timeframe contemplated by the Charter. We also believe, however, that given the Company’s expenditure of time, effort and
money on pursuing an initial business combination, our entry into the Business Combination Agreement and our belief that the Business
Combination offers an attractive investment for our shareholders, the Extension is warranted.
The
Company is not asking you to vote on any proposed initial business combination at this time. If the Extension is implemented and you
do not elect to redeem your public shares, you will retain the right to vote on any proposed initial business combination when it is
submitted to shareholders in the future and the right to redeem your public shares at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the Trust Account, including interest not previously released to the Company to pay its taxes, divided
by the number of then outstanding public shares, in the event the proposed initial business combination is approved and completed or
the Company has not consummated an initial business combination by the Extended Date.
The
Sponsor
The
Company’s Sponsor is INFINT Capital LLC, a Delaware limited liability company. The Sponsor currently owns 5,733,084 Class B Ordinary
Shares of the Company. Alexander Edgarov, the Company’s Chief Executive Officer and the sole managing member of the Sponsor, is
a U.S. person. The Company is a Cayman Islands exempted company. All of the Company’s officers and directors, except for one director,
are U.S. persons. Seamless is a Cayman Islands exempted companies that is headquartered in Singapore.
Based
on the above, the Company does not believe that the proposed business combination will be subject to the review by the CFIUS. Nor does
the Company believe that if such a review were conceivable that the proposed business combination ultimately would be prohibited.
However,
if the proposed business combination were to become subject to the CFIUS review, the CFIUS could decide to block or delay our proposed
initial business combination, impose conditions with respect to such initial business combination or request the President of the United
States to order us to divest all or a portion of the U.S. target business of our initial business combination that we acquired without
first obtaining the CFIUS approval. The time required for the CFIUS to conduct its review and any remedy imposed by the CFIUS could prevent
the Company from completing its initial business combination and require the Company to liquidate. In that case, investors would be entitled
to redemption of 100% of the public shares, at a per-share price, payable in cash, equal to the quotient obtained by dividing (A) the
aggregate amount then on deposit in the Trust Account, including interest not previously released to the Company to pay its income taxes
(less up to $100,000 of interest to pay dissolution expenses), by (B) the total number of then-issued and outstanding public shares,
which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further
liquidating distributions, if any). Moreover, investors would lose the investment opportunity in a target company, any price appreciation
in the combined companies, and the warrants would expire worthless.
If
the Extension Is Not Approved
If
the Extension Proposal is not approved, the Sponsor determines not to fund any additional extension
as permitted by the Charter, and we do not consummate an initial business combination by the Original Termination Date, we will
(i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business
days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the
trust account, including interest earned on the funds held in the trust account (less taxes payable and up to $100,000 of interest to
pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public
shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any) and (iii) as promptly
as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate
and dissolve, subject, in the case of clauses (ii) and (iii), to our obligations under Cayman Islands law to provide for claims of creditors
and in all cases subject to the other requirements of applicable law.
There
will be no redemption rights or liquidating distributions with respect to our warrants, which will expire worthless if we wind up. The
Company will pay the costs of liquidation from its remaining assets outside of the Trust Account.
If
the Extension Is Approved
If
the Extension is approved, the Company will file an amendment to the Charter with the Cayman Registrar in the form of Annex A hereto
to extend the time it has to complete an initial business combination until the Extended Date. The Company will remain a reporting company
under the Exchange Act, and its Units, Class A Ordinary Shares and public warrants will remain publicly traded. The Company will
then continue to work to consummate its initial business combination, and specifically the Business Combination, by the Extended Date.
You
are not being asked to vote on the Business Combination at this time. If the Extension is implemented and you do not elect to redeem
your public shares in connection with the Extension, you will retain the right to vote on the Business Combination when it is submitted
to shareholders and the right to redeem your public shares for cash from the Trust Account in the event the proposed initial business
combination is approved and completed or the Company has not consummated an initial business combination by the Extended Date.
If
the Extension Proposal is approved, and the Extension is implemented, the amount held in the Trust Account will be reduced by withdrawals
in connection with any shareholder redemptions. The Company cannot predict the amount that will remain in the Trust Account if the Extension
is approved, and the amount remaining in the Trust Account may be significantly less than the approximately $203.3 million that was in
the Trust Account as of June 30, 2022. As of , 2022, the amount held in the Trust Account was $ . Without giving effect to any requests
for redemption in connection with the Extraordinary General Meeting to be held on , 2022, the amount expected to be held in the Trust
Account on , 2022, the date of the Extraordinary General Meeting, is $ . The Company may need to obtain additional funds to complete
its initial business combination, and there can be no assurance that such funds will be available on terms acceptable to the parties
or at all. Additionally, we will not proceed with the Extension if the number of redemptions of our public shares cause us to have less
than $5,000,001 of net tangible assets following approval of the Extension.
If
the Extension is approved, the Sponsor will continue to receive payments from the Company of $10,000 per month for office space, administrative
and support services until the earlier of the Company’s consummation of an initial business combination or the Company’s
liquidation pursuant to the Administrative Services Agreement.
Redemption
Rights
In
connection with the approval of the Extension, each public shareholder may seek to redeem his, her or its public shares. Holders of public
shares who do not elect to redeem their public shares in connection with the Extension will retain the right to redeem their public shares
in connection with any shareholder vote to approve a proposed initial business combination, or if the Company has not consummated an
initial business combination by the Extended Date.
TO
DEMAND REDEMPTION, YOU MUST ENSURE YOUR BANK OR BROKER COMPLIES WITH THE REQUIREMENTS IDENTIFIED HEREIN, INCLUDING SUBMITTING A WRITTEN
REQUEST THAT YOUR SHARES BE REDEEMED FOR CASH TO THE TRANSFER AGENT AND DELIVERING YOUR SHARES TO THE TRANSFER AGENT PRIOR TO P.M. EASTERN
TIME ON , 2022. You will only be entitled to receive cash in connection with a redemption of these shares if you continue to hold them
until the effective date of the Extension and redemptions.
Pursuant
to the Charter, a public shareholder may request that the Company redeem all or a portion of such public shareholder’s public shares
for cash if the Extension is approved. You will be entitled to receive cash for any public shares to be redeemed only if you:
| i. | (a)
hold public shares or (b) hold public shares as part of units and elect to separate such
units into the underlying public shares and public warrants prior to exercising your redemption
rights with respect to the public shares; and |
| | |
| ii. | prior
to p.m., Eastern Time, on , 2022 (two business days prior to the vote at the Extraordinary
General Meeting), (a) submit a written request to Continental, the Company’s transfer
agent, that the Company redeem your public shares for cash and (b) deliver your public shares
to the transfer agent, physically or electronically through The Depository Trust Company.
|
Holders
of units must elect to separate the underlying public shares and public warrants prior to exercising redemption rights with respect to
the public shares. If holders hold their units in an account at a brokerage firm or bank, holders must notify their broker or bank that
they elect to separate the units into the underlying public shares and public warrants, or if a holder holds units registered in its,
his or her own name, the holder must contact the transfer agent directly and instruct it to do so. Public shareholders may elect to redeem
all or a portion of their public shares even if they vote for the Extension Proposal.
Through
the Deposit Withdrawal at Custodian (“DWAC”) system, this electronic delivery process can be accomplished by the shareholder,
whether or not it is a record holder or its shares are held in “street name,” by contacting the transfer agent or its broker
and requesting delivery of its shares through the DWAC system. Delivering shares physically may take significantly longer. In order to
obtain a physical stock certificate, a shareholder’s broker and/or clearing broker, DTC, and the Company’s transfer agent
will need to act together to facilitate this request. There is a nominal cost associated with the above-referenced tendering process
and the act of certificating the shares or delivering them through the DWAC system. The transfer agent will typically charge a tendering
broker fee and the broker would determine whether or not to pass this cost on to the redeeming holder. It is the Company’s understanding
that shareholders should generally allot at least two weeks to obtain physical certificates from the transfer agent. The Company does
not have any control over this process or over the brokers or DTC, and it may take longer than two weeks to obtain a physical stock certificate.
Such shareholders will have less time to make their investment decision than those shareholders that deliver their shares through the
DWAC system. Shareholders who request physical stock certificates and wish to redeem may be unable to meet the deadline for tendering
their shares before exercising their redemption rights and thus will be unable to redeem their shares.
Certificates
that have not been tendered in accordance with these procedures prior to the vote on the Extension will not be redeemed for cash held
in the Trust Account. In the event that a public shareholder tenders its shares and decides prior to the vote at the Extraordinary General
Meeting that it does not want to redeem its shares, the shareholder may withdraw the tender. If you delivered your shares for redemption
to our transfer agent and decide prior to the vote at the Extraordinary General Meeting not to redeem your shares, you may request that
our transfer agent return the shares (physically or electronically). You may make such request by contacting our transfer agent at the
address listed above. In the event that a public shareholder tenders shares and the Extension is not approved, these shares will not
be redeemed and the physical certificates representing these shares will be returned to the shareholder promptly following the determination
that the Extension will not be approved. The Company anticipates that a public shareholder who tenders shares for redemption in connection
with the vote to approve the Extension would receive payment of the redemption price for such shares soon after the completion of the
Extension. The transfer agent will hold the certificates of public shareholders that make the election until such shares are redeemed
for cash or returned to such shareholders.
If
properly demanded, the Company will redeem each public share for a per-share price, payable in cash, equal to the aggregate amount then
on deposit in the Trust Account, including interest not previously released to the Company to pay its income taxes, divided by the number
of then-issued and outstanding Class A Ordinary Shares. Based upon the current amount in the Trust
Account, the Company anticipates that the per-share price at which public shares will be redeemed from cash held in the Trust Account
will be approximately $10.15 at the time of the Extraordinary General Meeting. The closing
price of the Company’s Class A Ordinary Shares on , 2022 was $ per share. The Company cannot assure shareholders that they will
be able to sell their Class A Ordinary Shares the open market, even if the market price per share is higher than the redemption price
stated above, as there may not be sufficient liquidity in its securities when such shareholders wish to sell their shares.
If
you exercise your redemption rights, you will be exchanging your Ordinary Shares for cash and will no longer own such shares. You will
be entitled to receive cash for these shares only if you properly demand redemption and tender your stock certificate(s) to the Company’s
transfer agent prior to the vote on the Extension Proposal. The Company anticipates that a public shareholder who tenders shares for
redemption in connection with the vote to approve the Extension Proposal would receive payment of the redemption price for such shares
soon after the completion of the Extension.
United
States Federal Income Tax Considerations for Shareholders Exercising Redemption Rights
The
following is a discussion of U.S. federal income tax considerations generally applicable to U.S. Holders (as defined below) that elect
to have their Class A Ordinary Shares redeemed for cash if the Extension Proposal is completed. This discussion applies only to Class
A Ordinary Shares that are held as a capital asset for U.S. federal income tax purposes (generally, property held for investment). This
discussion does not describe all of the U.S. federal income tax consequences that may be relevant to holders in light of their particular
circumstances or status, including:
| ● | the
Sponsor or our directors and officers; |
| | |
| ● | financial
institutions or financial services entities; |
| | |
| ● | broker-dealers;
|
| | |
| ● | taxpayers
that are subject to mark-to-market accounting rules; |
| | |
| ● | tax-exempt
entities; |
| | |
| ● | governments
or agencies or instrumentalities thereof; |
| | |
| ● | insurance
companies; |
| | |
| ● | regulated
investment companies or real estate investment trusts; |
| | |
| ● | expatriates
or former long-term residents of the United States; |
| | |
| ● | persons
that actually or constructively own five percent or more of our voting shares or five percent
or more of the total value of all classes of our shares; |
| | |
| ● | persons
that acquired Class A Ordinary Shares pursuant to an exercise of employee share options or
upon payout of a restricted stock unit, in connection with employee share incentive plans
or otherwise as compensation; |
| | |
| ● | persons
that hold Class A Ordinary Shares as part of a straddle, constructive sale, hedging, conversion
or other integrated or similar transaction; |
| | |
| ● | partnerships
(or entities or arrangements treated as partnerships or other pass-through entities for U.S.
federal income tax purposes), or persons holding Class A Ordinary Shares through such partnerships
or other pass-through entities; |
| | |
| ● | persons
whose functional currency is not the U.S. dollar; or |
| | |
| ● | accrual
method taxpayers that file applicable financial statements as described in Section 451(b)
of the Code. |
This
discussion is based on the Internal Revenue Code of 1986 (the “Code”), proposed, temporary and final Treasury Regulations
promulgated under the Code, and judicial and administrative interpretations thereof, all as of the date hereof. All of the foregoing
is subject to change, which change could apply retroactively and could affect the tax considerations described herein. This discussion
does not address U.S. federal taxes other than those pertaining to U.S. federal income taxation (such as estate or gift taxes, the alternative
minimum tax or the Medicare tax on investment income), nor does it address any aspects of U.S. state or local or non-U.S. taxation.
We
have not and do not intend to seek any rulings from the Internal Revenue Service (the “IRS”) regarding the exercise of redemption
rights. There can be no assurance that the IRS will not take positions inconsistent with the considerations discussed below or that any
such positions would not be sustained by a court.
This
discussion does not consider the tax treatment of partnerships or other pass-through entities or persons who hold our securities through
such entities. If a partnership (or any entity or arrangement so characterized for U.S. federal income tax purposes) holds Class A Ordinary
Shares, the tax treatment of such partnership and a person treated as a partner of such partnership will generally depend on the status
of the partner and the activities of the partnership. Partnerships holding any Class A Ordinary Shares and persons that are treated as
partners of such partnerships should consult their tax advisors as to the particular U.S. federal income tax consequences of an exercise
of redemption rights to them.
EACH
HOLDER SHOULD CONSULT ITS OWN TAX ADVISOR WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES TO SUCH HOLDER, AN EXERCISE OF REDEMPTION RIGHTS,
INCLUDING THE EFFECTS OF U.S. FEDERAL, STATE AND LOCAL AND NON-U.S. TAX LAWS.
U.S.
Holders
As
used herein, a “U.S. Holder” is a beneficial owner of Class A Ordinary Shares who or that is, for U.S. federal income tax
purposes:
| ● | an
individual citizen or resident of the United States, |
| | |
| ● | a
corporation (or other entity that is treated as a corporation for U.S. federal income tax
purposes) that is created or organized (or treated as created or organized) in or under the
laws of the United States or any state thereof or the District of Columbia, |
| | |
| ● | an
estate whose income is subject to U.S. federal income tax regardless of its source, or |
| | |
| ● | a
trust if (1) a U.S. court can exercise primary supervision over the administration of such
trust and one or more U.S. persons have the authority to control all substantial decisions
of the trust or (2) it has a valid election in place to be treated as a U.S. person. |
Redemption
of Class A Ordinary Shares
Subject
to the PFIC rules discussed below under “Proposal No. 1 — The Extension Proposal— PFIC Considerations,”
if a U.S. Holder’s Class A Ordinary Shares are redeemed pursuant to the redemption provisions described in this proxy statement,
the U.S. federal income tax consequences to such holder will depend on whether the redemption qualifies as a sale of such shares redeemed
under Section 302 of the Code or is treated as a distribution under Section 301 of the Code.
If
the redemption qualifies as a sale of Class A Ordinary Shares, a U.S. Holder will be treated as described below under the section entitled
“Proposal No. 1 — The Extension Proposal — Redemption of Class A Ordinary Shares — Gain
or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Class A Ordinary Shares.” If the redemption does not qualify
as a sale of Class A Ordinary Shares, a U.S. Holder will be treated as receiving a distribution with the tax consequences described below
under the section entitled “Proposal No. 1 — The Extension Proposal — Redemption of Class A
Ordinary Shares — Taxation of Distributions.”
The
redemption of Class A Ordinary Shares will generally qualify as a sale of the Class A Ordinary Shares that are redeemed if such redemption
(i) is “substantially disproportionate” with respect to the redeeming U.S. Holder, (ii) results in a “complete termination”
of such U.S. Holder’s interest or (iii) is “not essentially equivalent to a dividend” with respect to such U.S. Holder.
These tests are explained more fully below.
For
purposes of such tests, a U.S. Holder takes into account not only ordinary shares actually owned by such U.S. Holder, but also ordinary
shares that are constructively owned by such U.S. Holder. A redeeming U.S. Holder may constructively own, in addition to ordinary shares
owned directly, ordinary shares owned by certain related individuals and entities in which such U.S. Holder has an interest or that have
an interest in such U.S. Holder, as well as any ordinary shares such U.S. Holder has a right to acquire by exercise of an option, which
would generally include shares which could be acquired pursuant to the exercise of the warrants.
The
redemption of ordinary shares will generally be “substantially disproportionate” with respect to a redeeming U.S. Holder
if the percentage of the respective entity’s outstanding voting shares that such U.S. Holder actually or constructively owns immediately
after the redemption is less than 80% of the percentage of the respective entity’s outstanding voting shares that such U.S. Holder
actually or constructively owned immediately before the redemption. Prior to an initial business combination, the Class A Ordinary Shares
may not be treated as voting shares for this purpose and, consequently, this substantially disproportionate test may not be applicable.
There will be a complete termination of such U.S. Holder’s interest if either (i) all of the ordinary shares actually or constructively
owned by such U.S. Holder are redeemed or (ii) all of the ordinary shares actually owned by such U.S. Holder are redeemed and such U.S.
Holder is eligible to waive, and effectively waives in accordance with specific rules, the attribution of ordinary shares owned by certain
family members and such U.S. Holder does not constructively own any other ordinary shares. The redemption of Class A Ordinary Shares
will not be essentially equivalent to a dividend if it results in a “meaningful reduction” of such U.S. Holder’s proportionate
interest in the respective entity. Whether the redemption will result in a meaningful reduction in such U.S. Holder’s proportionate
interest will depend on the particular facts and circumstances applicable to it. The IRS has indicated in a published ruling that even
a small reduction in the proportionate interest of a small minority shareholder in a publicly held corporation who exercises no control
over corporate affairs may constitute such a “meaningful reduction.”
If
none of the foregoing tests is satisfied, then the redemption of Class A Ordinary Shares will be treated as a distribution to the redeemed
holder and the tax effects to such U.S. Holder will be as described below under the section entitled “Proposal No. 1 — The
Extension Proposal — Redemption of Class A Ordinary Shares —Taxation of Distributions.” After the
application of those rules, any remaining tax basis of the U.S. Holder in the redeemed Class A Ordinary Shares will be added to such
holder’s adjusted tax basis in its remaining stock, or, if it has none, to such holder’s adjusted tax basis in its warrants
or possibly in other stock constructively owned by it.
U.S.
Holders should consult their tax advisors as to the tax consequences of a redemption, including any special reporting requirements.
Taxation
of Distributions.
Subject
to the PFIC rules discussed below under “Proposal No. 1 — The Extension Proposal — PFIC Considerations,”
if the redemption of a U.S. Holder’s Class A Ordinary Shares is treated as a distribution, as discussed above, such distributions
will generally be treated a dividend for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings
and profits, as determined under U.S. federal income tax principles. Such dividends will be taxable to a corporate U.S. Holder at regular
rates and will not be eligible for the dividends-received deduction generally allowed to domestic corporations in respect of dividends
received from other domestic corporations. With respect to non-corporate U.S. Holders, dividends will generally be taxed at preferential
long-term capital gains rates only if (i) Class A Ordinary Shares are readily tradable on an established securities market in the United
States or (ii) Class A Ordinary Shares are eligible for the benefits of an applicable income tax treaty, in each case provided that the
Company is not treated as a PFIC in the taxable year in which the dividend was paid or in any previous year and certain other requirements
are met. U.S. Holders should consult their tax advisors regarding the availability of the lower rate for any dividends paid with respect
to Class A Ordinary Shares.
Distributions
in excess of current and accumulated earnings and profits will generally constitute a return of capital that will be applied against
and reduce (but not below zero) the U.S. Holder’s adjusted tax basis in our Class A Ordinary Shares. Any remaining excess will
be treated as gain realized on the sale or other disposition of the Class A Ordinary Shares and will be treated as described below under
the section entitled “Proposal No. 1 — The Extension Proposal — Redemption of Class A Ordinary
Shares — Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Class A Ordinary Shares.” However,
we do not currently maintain calculations of our earnings and profits in accordance with U.S. federal income tax principles. U.S. Holders
should therefore assume that any amounts treated as a distribution as a result of a redemption of Class A Ordinary Shares will be reported
as dividend income.
Gain
or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Class A Ordinary Shares.
Subject
to the PFIC rules discussed below under “Proposal No. 1 — The Extension Proposal — PFIC Considerations,”
if the redemption of a U.S. Holder’s Class A Ordinary Shares is treated as a sale or other taxable disposition, as discussed above,
a U.S. Holder will generally recognize capital gain or loss in an amount equal to the difference between (i) the amount realized and
(ii) the U.S. Holder’s adjusted tax basis in the Class A Ordinary Shares redeemed.
Under
tax law currently in effect, long-term capital gains recognized by non-corporate U.S. Holders are generally subject to U.S. federal income
tax at a reduced rate of tax. Capital gain or loss will constitute long-term capital gain or loss if the U.S. Holder’s holding
period for the ordinary shares exceeds one year. However, it is unclear whether the redemption rights with respect to the Class A Ordinary
Shares described in this proxy statement may prevent the holding period of the Class A Ordinary Shares from commencing prior to the termination
of such rights. The deductibility of capital losses is subject to various limitations. U.S. Holders who hold different blocks of Class
A Ordinary Shares (Class A Ordinary Shares purchased or acquired on different dates or at different prices) should consult their tax
advisor to determine how the above rules apply to them.
PFIC
Considerations
Generally
A
foreign corporation (i.e., non-U.S.) will be a PFIC for U.S. federal income tax purposes if at least 75% of its gross income in a taxable
year is passive income. Alternatively, a foreign corporation will be a PFIC if at least 50% of its assets in a taxable year of the foreign
corporation, ordinarily determined based on fair market value and averaged quarterly over the year are held for the production of, or
produce, passive income. Passive income generally includes dividends, interest, rents and royalties (other than certain rents or royalties
derived from the active conduct of a trade or business) and gains from the disposition of passive assets. Generally, cash is considered
to be held for the production of passive income and thus is considered a passive asset. The determination of whether a foreign corporation
is a PFIC is based upon the composition of such corporation’s income and assets (including, among others, its proportionate share
of the income and assets of any other corporation in which it owns, directly or indirectly, 25% (by value) of the stock), and the nature
of such corporation’s activities.
A
separate determination must be made after the close of each taxable year as to whether a foreign corporation was a PFIC for that year.
Once a foreign corporation qualifies as a PFIC it is, with respect to a shareholder during the time it qualifies as a PFIC, and subject
to certain exceptions, always treated as a PFIC with respect to such shareholder, regardless of whether it satisfied either of the qualification
tests in subsequent years.
Because
we are a blank check company with no current active business, based on the composition of our income and assets, we believe we were a
PFIC for our taxable year that ended on December 31, 2021, subject to the application of the start-up exception discussed below. Our
PFIC status for our current taxable year is uncertain and may depend upon the application of the start-up exception, discussed below.
Start-up
Exception
Pursuant
to the start-up exception, a corporation will not be a PFIC for the first taxable year the corporation has gross income (the “start-up
year”) if: (1) no predecessor of the corporation was a PFIC; (2) the corporation establishes to the satisfaction of the IRS
that it will not be a PFIC for either of the first two taxable years following the start-up year; and (3) the corporation is not in fact
a PFIC for either of those years.
For
purposes of the start-up exception, our taxable year that ended on December 31, 2021, should be the start-up year and we should not be
treated as a PFIC for such taxable year if we qualify for the start-up exception, which requires that we do not meet the PFIC asset test
or income test in either of the following two taxable years. Our actual PFIC status for any taxable year will not be determinable until
after the end of such year, and in the case of the application of the start-up exception to our taxable year that ended on December 31,
2021, possibly until after the end of our second succeeding taxable year. Further, if we do not consummate an initial business combination
on or prior to December 31, 2022, we will not qualify for the start-up exception. Accordingly, there can be no assurance with respect
to our PFIC for our taxable year that ended on December 31, 2021, and there can be no assurance with respect to our PFIC status for the
current or any future taxable year.
Default
PFIC Rules
If
we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder and
the U.S. Holder did not make a timely and effective “qualified election fund” (“QEF”) election for our first
taxable year as a PFIC in which the U.S. Holder held Class A Ordinary Shares, a QEF election along with a purging election, or a “mark-to-market”
election, then such holder will generally be subject to special rules (the “Default PFIC Regime”) with respect to:
| ● | any
gain recognized by the U.S. Holder on the sale or other disposition of its Class A Ordinary
Shares, which would include a redemption of Class A Ordinary Shares if such redemption is
treated as a sale under the rules discussed above; and |
| | |
| ● | any
“excess distribution” made to the U.S. Holder (generally, any distributions to
such U.S. Holder during a taxable year of the U.S. Holder that are greater than 125% of the
average annual distributions received by such U.S. Holder in respect of its ordinary shares
during the three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder’s
holding period for such ordinary shares), which may include a redemption of Class A Ordinary
Shares if such redemption is treated as a distribution under the rules discussed above. |
Under
the Default PFIC Regime:
| ● | the
U.S. Holder’s gain or excess distribution will be allocated ratably over the U.S. Holder’s
holding period for its Class A Ordinary Shares; |
| | |
| ● | the
amount of gain allocated to the U.S. Holder’s taxable year in which the U.S. Holder
recognized the gain or received the excess distribution, or to the period in the U.S. Holder’s
holding period before the first day of the first taxable year in which we are a PFIC, will
be taxed as ordinary income; |
| | |
| ● | the
amount of gain allocated to other taxable years (or portions thereof) of the U.S. Holder
and included in such U.S. Holder’s holding period will be taxed at the highest tax
rate in effect for that year and applicable to the U.S. Holder; and |
| | |
| ● | an
additional tax equal to the interest charge generally applicable to underpayments of tax
will be imposed on the U.S. Holder in respect of the tax attributable to each such other
taxable year of such U.S. Holder. |
QEF
Election
In
general, if we are determined to be a PFIC, a U.S. Holder may avoid the PFIC tax consequences described above in respect of its Class
A Ordinary Shares by making a timely QEF election (if eligible to do so) to include in income its pro rata share of our net capital gains
(as long-term capital gain) and other earnings and profits (as ordinary income), on a current basis, in each case whether or not distributed,
in the taxable year of the U.S. Holder in which or with which our taxable year ends. In general, a QEF election must be made on or before
the due date (including extensions) for filing such U.S. Holder’s tax return for the taxable year for which the election relates.
The
QEF election is made on a shareholder-by-shareholder basis and, once made, can be revoked only with the consent of the IRS. A U.S. Holder
generally makes a QEF election by attaching a completed IRS Form 8621, including the information provided in a PFIC annual information
statement, to a timely filed U.S. federal income tax return for the tax year to which the election relates. Retroactive QEF elections
generally may be made only by filing a protective statement with such return and if certain other conditions are met or with the consent
of the IRS. U.S. Holders should consult their tax advisors regarding the availability and tax consequences of a retroactive QEF election
under their particular circumstances.
If
a U.S. Holder makes a QEF election after our first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) Class
A Ordinary Shares, the adverse PFIC tax consequences (with adjustments to take into account any current income inclusions resulting from
the QEF election) will continue to apply with respect to such Class A Ordinary Shares unless the U.S. Holder makes a purging election
under the PFIC rules. Under the purging election, the U.S. Holder will be deemed to have sold such Class A Ordinary Shares at their fair
market value and any gain recognized on such deemed sale will be treated as an excess distribution, taxed under the PFIC rules described
above. As a result of the purging election, the U.S. Holder will have a new basis and holding period in such Class A Ordinary Shares
for purposes of the PFIC rules.
In
order to comply with the requirements of a QEF election, a U.S. Holder must receive a PFIC annual information statement from us. If we
determine we are a PFIC for any taxable year, we will endeavor to provide to a U.S. Holder such information as the IRS may require, including
a PFIC annual information statement, in order to enable the U.S. Holder to make and maintain a QEF election, but there is no assurance
that we will timely provide such required information. There is also no assurance that we will have timely knowledge of our status as
a PFIC in the future or of the required information to be provided.
If
a U.S. Holder has made a QEF election with respect to its Class A Ordinary Shares, and the special tax and interest charge rules do not
apply to such shares (because of a timely QEF election for our first taxable year as a PFIC in which the U.S. Holder holds (or is deemed
to hold) such shares or as a result of a purging election, as described above), any gain recognized on the sale of the Class A Ordinary
Shares generally will be taxable as capital gain and no interest charge will be imposed. As discussed above, U.S. Holders of a QEF are
currently taxed on their pro rata shares of its earnings and profits, whether or not distributed. In such case, a subsequent distribution
of such earnings and profits that were previously included in income generally should not be taxable as a dividend to such U.S. Holders.
The tax basis of a U.S. Holder’s shares in a QEF will be increased by amounts that are included in income, and decreased by amounts
distributed but not taxed as dividends, under the above rules.
Mark-to-Market
Election
Alternatively,
a U.S. Holder may make an election to mark marketable shares in a PFIC to market on an annual basis. PFIC shares generally are marketable
if they are (i) “regularly traded” on a national securities exchange that is registered with the Securities Exchange Commission
or on the national market system established under Section 11A of the Securities and Exchange Act of 1934, or (ii) “regularly traded”
on any exchange or market that the Treasury Department determines to have rules sufficient to ensure that the market price accurately
represents the fair market value of the stock. The Class A Ordinary Shares, which are listed on the NYSE, should qualify as marketable
shares for this purpose but there can be no assurance that the Class A Ordinary Shares will be “regularly traded.”
Pursuant
to such an election, a U.S. Holder would include in each year as ordinary income the excess, if any, of the fair market value of such
stock over its adjusted basis at the end of the taxable year. A U.S. Holder may treat as ordinary loss any excess of the adjusted basis
of the stock over its fair market value at the end of the year, but only to the extent of the net amount previously included in income
as a result of the election in prior years. A U.S. Holder’s adjusted tax basis in the PFIC shares will be increased to reflect
any amounts included in income, and decreased to reflect any amounts deducted, as a result of a mark-to-market election. Any gain recognized
on a disposition of Class A Ordinary Shares will be treated as ordinary income and any loss will be treated as ordinary loss (but only
to the extent of the net amount of income previously included as a result of a mark-to-market election).
PFIC
Reporting Requirements
If
we are a PFIC, a U.S. Holder of Class A Ordinary Shares will be required to file an annual report on IRS Form 8621 containing such information
with respect to its interest in a PFIC as the IRS may require. Failure to file IRS Form 8621 for each applicable taxable year may result
in substantial penalties and result in the U.S. Holder’s taxable years being open to audit by the IRS (potentially including with
respect to items that do not relate to a U.S. Holder’s investment in the Class A Ordinary Shares) until such forms are properly
filed.
THE
PFIC RULES ARE VERY COMPLEX AND ARE IMPACTED BY VARIOUS FACTORS IN ADDITION TO THOSE DESCRIBED ABOVE. ALL U.S. HOLDERS ARE URGED TO CONSULT
THEIR TAX ADVISORS REGARDING THE APPLICATION OF THE PFIC RULES ON THE REDEMPTION OF CLASS A ORDINARY SHARES, INCLUDING, WITHOUT LIMITATION,
WHETHER A QEF ELECTION, A PURGING ELECTION, A MARK-TO-MARKET ELECTION, OR ANY OTHER ELECTION IS AVAILABLE AND THE CONSEQUENCES TO THEM
OF ANY SUCH ELECTION, AND THE IMPACT OF ANY PROPOSED OR FINAL PFIC TREASURY REGULATIONS.
Required
Vote
Approval
of the Extension Proposal requires a special resolution under the Companies Act, being the affirmative vote of holders of at least two-thirds
of the Ordinary Shares issued and outstanding, represented in person or by proxy and entitled to vote thereon and who do so at the Extraordinary
General Meeting. Abstentions and broker non-votes, while considered present for the purposes of establishing a quorum, will not count
as votes cast at the Extraordinary General Meeting. If the Extension Proposal is not approved, the
Sponsor determines not to fund any additional extension as permitted by the Charter, and we do not consummate an initial business
combination by the Original Termination Date, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly
as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account
(less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares,
which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further
liquidation distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
our remaining shareholders and the Board, liquidate and dissolve, subject, in the case of clauses (ii) and (iii), to our obligations
under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law.
The
Initial Shareholders are expected to vote all Ordinary Shares owned by them in favor of the Extension. On the record date, the Initial
Shareholders beneficially owned and were entitled to vote an aggregate of 5,733,084 Founder Shares, constituting 22.3% of the Company’s
issued and outstanding Ordinary Shares.
In
addition, subject to applicable securities laws (including with respect to material nonpublic information), the Sponsor, the Company’s
directors, officers, advisors or any of their respective affiliates may (i) purchase public shares from institutional and other investors
(including those who vote, or indicate an intention to vote, against any of the proposals presented at the Extraordinary General Meeting,
or elect to redeem, or indicate an intention to redeem, public shares), (ii) enter into transactions with such investors and others to
provide them with incentives to not redeem their public shares, or (iii) execute agreements to purchase such public shares from such
investors or enter into non-redemption agreements in the future. In the event that the Sponsor, the Company’s directors, officers,
advisors or any of their respective affiliates purchase public shares in situations in which the tender offer rules restrictions on purchases
would apply, they (a) would purchase the public shares at a price no higher than the price offered through the Company’s redemption
process (i.e., approximately $10.15 per share, based on the amounts held in the Trust Account as of June 30, 2022; (b) would represent
in writing that such public shares will not be voted in favor of approving the Extension; and (c) would waive in writing any redemption
rights with respect to the public shares so purchased.
To
the extent any such purchases by the Sponsor, the Company’s directors, officers, advisors or any of their respective affiliates
are made in situations in which the tender offer rules restrictions on purchases apply, the Company will disclose in a Current Report
on Form 8-K prior to the Extraordinary General Meeting the following: (i) the number of public shares purchased outside of the redemption
offer, along with the purchase price(s) for such public shares; (ii) the purpose of any such purchases; (iii) the impact, if any, of
the purchases on the likelihood that the Extension will be approved; (iv) the identities of the securityholders who sold to the Sponsor,
the Company’s directors, officers, advisors or any of their respective affiliates (if not purchased on the open market) or the
nature of the securityholders (e.g., 5% security holders) who sold such public shares; and (v) the number of Ordinary Shares for which
the Company has received redemption requests pursuant to its redemption offer.
The
purpose of such share purchases and other transactions would be to increase the likelihood of (i) otherwise limiting the number of public
shares electing to redeem and (ii) the Company’s net tangible assets (as determined in accordance with Rule 3a51(g)(1) of the Exchange
Act) being at least $5,000,001.
If
such transactions are effected, the consequence could be to cause the Extension to be effectuated in circumstances where such effectuation
could not otherwise occur. Consistent with SEC guidance, purchases of shares by the persons described above would not be permitted to
be voted for the Extension at the Extraordinary General Meeting and could decrease the chances that the Extension would be approved.
In addition, if such purchases are made, the public “float” of our securities and the number of beneficial holders of our
securities may be reduced, possibly making it difficult to maintain or obtain the quotation, listing or trading of our securities on
a national securities exchange.
Interests
of the Sponsor and the Company’s Directors and Officers
When
you consider the recommendation of the Board, you should keep in mind that the Sponsor and the Company’s officers and directors
have interests that may be different from, or in addition to, your interests as a shareholder. These interests include, among other things:
| ● | If
the Extension Proposal is not approved, the Sponsor
determines not to fund any additional extension as permitted by the Charter, and we
do not consummate an initial business combination by the Original Termination Date, the 5,733,084
aggregate Founder Shares held by the Sponsor and certain of our directors will be worthless
(as the Sponsor and such directors have waived liquidation rights with respect to such shares),
as will the 7,796,842 Private Warrants held by the Sponsor; |
| | |
| ● | In
connection with the IPO, the Sponsor agreed that it will be liable under certain circumstances
to ensure that the proceeds in the Trust Account are not reduced by the claims of any third
party for services rendered or products sold to the Company or prospective target businesses
with which the Company has entered into certain agreements; |
| | |
| ● | All
rights specified in the Charter relating to the right of officers and directors to be indemnified
by the Company, and of the Company’s officers and directors to be exculpated from monetary
liability with respect to prior acts or omissions, will continue after an initial business
combination and, if the Company liquidates, the Company will not be able to perform its obligations
to its officers and directors under those provisions; |
| | |
| ● | None
of the Company’s officers or directors has received any cash compensation for services
rendered to the Company, and all of the current officers and directors are expected to continue
to serve in their roles at least through the date of the Extraordinary General Meeting and
may continue to serve following any potential initial business combination and receive compensation
thereafter; |
| | |
| ● | The
Sponsor and the Company’s officers and directors and their respective affiliates are
entitled to reimbursement of out-of-pocket expenses incurred by them related to identifying,
investigating, negotiating and completing an initial business combination and, if the Extension
is not approved, the Sponsor determines not to fund any additional extension as permitted
by the Charter and we do not consummate an initial business combination by the Original Termination
Date, they will not have any claim against the
Trust Account for reimbursement so that the Company will most likely be unable to reimburse
such expenses; |
Recommendation
As
discussed above, after careful consideration of all relevant factors, the Board has determined that the Extension Proposal is in the
best interests of the Company and its shareholders. The Board has approved and declared advisable the adoption of the Extension Proposal.
THE
BOARD RECOMMENDS THAT YOU VOTE “FOR” THE EXTENSION PROPOSAL. THE BOARD EXPRESSES NO OPINION AS TO WHETHER YOU SHOULD REDEEM
YOUR PUBLIC SHARES.
PROPOSAL
NO. 2 — THE ADJOURNMENT PROPOSAL
Overview
The
Adjournment Proposal, if adopted, will allow the Board to adjourn the Extraordinary General Meeting to a later date or dates to permit
further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval
of the Extension Proposal. The Adjournment Proposal will only be presented at the Extraordinary General Meeting if, based on the tabulated
votes, there are not sufficient votes at the time of the Extraordinary General Meeting to approve the Extension Proposal, in which case
the Adjournment Proposal will be the only proposal presented at the Extraordinary General Meeting.
Consequences
if the Adjournment Proposal is Not Approved
If
the Adjournment Proposal is not approved by our shareholders, our Board may not be able to adjourn the Extraordinary General Meeting
to a later date in the event that there are insufficient votes for, or otherwise in connection with, the approval of the Extension Proposal.
Vote
Required for Approval
The
Adjournment Proposal requires an ordinary resolution under Cayman Islands law, being the affirmative vote of a majority of the Ordinary
Shares issued and outstanding, represented in person or by proxy and entitled to vote thereon and who vote at the Extraordinary General
Meeting. Abstentions and broker non-votes, while considered present for the purposes of establishing a quorum, will not count as votes
cast at the Extraordinary General Meeting.
Recommendation
of the Board
As
discussed above, after careful consideration of all relevant factors, the Board has determined that the Adjournment Proposal is in the
best interests of the Company and its shareholders. Therefore, if there are insufficient votes for, or otherwise in connection with,
the approval of the Extension Proposal, the Board will approve and declare advisable adoption of the Adjournment Proposal.
THE
BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE “FOR” THE ADJOURNMENT PROPOSAL.
BENEFICIAL
OWNERSHIP OF SECURITIES
The
following table sets forth information available to us as of , 2022, with respect to the
Ordinary Shares held by:
| ● | each
person known by us to be the beneficial owner of more than 5% of the Ordinary Shares; |
| ● | each
of our executive officers, directors and director nominees that beneficially owns ordinary
shares; and |
| ● | all
our executive officers and directors as a group. |
Beneficial
ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security
if he, she or it possesses sole or shared voting or investment power over that security, including options and warrants that are currently
exercisable or will become exercisable within 60 days. Except as described in the footnotes below and subject to applicable community
property laws and similar laws, we believe that each person listed below has sole voting and investment power with respect to such shares.
In
the table below, percentage ownership is based on 25,832,963 Ordinary Shares outstanding as of October
15, 2022, including 19,999,880 Class A Ordinary Shares and 5,833,083 Class B Ordinary Shares. Voting power represents the combined
voting power of Ordinary Shares owned beneficially by such person. On all matters to be voted upon, the holders of the Ordinary Shares
vote together as a single class. The table below does not include any Ordinary Shares underlying our outstanding warrants because such
securities are not exercisable within 60 days of October 15, 2022.
| |
Number of Shares Beneficially Owned | | |
Percentage of Outstanding Ordinary Shares(3) | |
Name and Address of Beneficial Owner(1) | |
| | | |
| | |
Alexander Edgarov | |
| 5,733,084 | (2) | |
| 22.3 | % |
Sheldon Brickman | |
| - | | |
| - | |
Eric Weinstein | |
| - | | |
| - | |
Michael Moradzadeh | |
| - | | |
| - | |
Jing Huang | |
| - | | |
| - | |
Dave Cameron | |
| - | | |
| - | |
Andrey Novikov | |
| - | | |
| - | |
Kevin Chen | |
| - | | |
| - | |
All directors and executive officers as a group (8 individuals) | |
| 5,733,084 | (2) | |
| 22.3 | % |
InFinT Capital LLC(4)(5) | |
| 5,733,084 | (2) | |
| 22.3 | % |
Saba Capital Management, L.P. (6) | |
| 1,365,000 | | |
| 6.8 | % |
Highbridge Capital Management, LLC (7) | |
| 1,611,300 | | |
| 8.1 | % |
*
Less than one percent.
(1)
|
Unless
otherwise noted, the business address of each of the following is 32 Broadway, Suite 401, New York, NY 10004. |
|
|
(2) |
Interests
shown consist solely of Founder Shares, classified as Class B Ordinary Shares. Such 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, as described in the section entitled “Description of Securities” in the Registration Statement.
|
|
|
(3) |
Based
on 25,832,963 shares issued immediately after the offering (5,833,083 Founder Shares and the issuance of 19,999,880 Ordinary Shares
underlying 19,999,880 units sold in the IPO). |
|
|
(4) |
The
Sponsor, is the record holder of such shares. Alexander Edgarov is the sole member of the Sponsor and has dispositive and voting
control of the securities held of record by the Sponsor, and may be deemed to beneficially own such securities. Mr. Edgarov disclaims
beneficial ownership of such securities except to the extent of his pecuniary interest therein. |
|
|
(5) |
None
of the 760,837 of the founder shares was surrendered by the Sponsor as the result of the underwriter’s full exercise of the
over-allotment option. |
|
|
(6) |
Based
on a Schedule 13G filed on November 29, 2021, by Saba Capital Management, L.P., a Delaware limited partnership (“Saba Capital”),
Saba Capital Management GP, LLC, a Delaware limited liability company (“Saba GP”), and Mr. Boaz R. Weinstein (together,
the “Reporting Persons”). Saba Capital is organized as a limited partnership under the laws of the State of Delaware.
Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United
States. The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York
10174. |
|
|
(7) |
Based
on a Schedule 13G/A filed on February 9, 2022, by Highbridge Capital Management, LLC (“Highbridge” or the “Reporting
Person”), a Delaware limited liability company and the investment adviser to certain funds and accounts (the “Highbridge
Funds”), with respect to the Class A Ordinary Shares directly held by the Highbridge Funds. The address of the business office
of the Reporting Person is 277 Park Avenue, 23rd Floor, New York, New York 10172. |
SHAREHOLDER
PROPOSALS FOR THE 2023 ANNUAL GENERAL MEETING
If
the Extension Proposal is approved and the Extension is implemented, the Company intends to hold an extraordinary general meeting of
shareholders for the purpose of approving its initial business combination and related transactions. Accordingly, the Company’s
next annual general meeting of shareholders would be held at a future date to be determined by the post business-combination company.
The Company expects that it would notify shareholders of the deadline for submitting a proposal for inclusion in the proxy statement
for its next annual general meeting following the completion of an initial business combination. For any proposal to be considered for
inclusion in the Company’s proxy statement and form of proxy for submission to shareholders at the Company’s 2022 annual
general meeting of shareholders, it must be submitted in writing and comply with the requirements of Rule 14a-8 of the Exchange Act and
the Charter. The Company anticipates that the 2023 annual general meeting will be held no later than December 21, 2023. Assuming the
2023 annual general meeting is held on or before such date, such proposals must be received by the Company at its executive offices a
reasonable time before the Company begins to print and send its proxy materials for the 2023 annual general meeting.
If
the Extension is not approved the Sponsor determines not to fund any additional extension as permitted by the Charter and we do not consummate
an initial business combination by the Original Termination Date, then the Company will cease all operations except for the purpose of
winding up and there will be no 2023 annual general meeting.
DELIVERY
OF DOCUMENTS TO SHAREHOLDERS
For
shareholders receiving printed proxy materials, unless we have received contrary instructions, we may send a single copy of this proxy
statement to any household at which two or more shareholders reside if we believe the shareholders are members of the same family. This
process, known as “householding,” reduces the volume of duplicate information received at any one household and helps to
reduce our expenses. However, if shareholders prefer to receive multiple sets of our disclosure documents at the same address this year
or in future years, the shareholders should follow the instructions described below. Similarly, if an address is shared with another
shareholder and together both of the shareholders would like to receive only a single set of our disclosure documents, the shareholders
should follow these instructions:
| ● | If
the shares are registered in the name of the shareholder, the shareholder should contact
us at our offices at 32 Broadway, Suite 401, New York, New York 10004, or (212) 287-5010,
to inform us of his or her request; or |
| | |
| ● | If
a bank, broker or other nominee holds the shares, the shareholder should contact the bank,
broker or other nominee directly. |
WHERE
YOU CAN FIND MORE INFORMATION
We
file reports, proxy statements and other information with the SEC as required by the Exchange Act. You can read the Company’s SEC
filings, including this proxy statement, over the Internet at the SEC’s website at www.sec.gov. Those filings are also available
free of charge to the public on, or accessible through, the Company’s corporate website under the heading “Investor Info”
at acev.io. The Company’s website and the information contained on, or that can be accessed through, the website is not deemed
to be incorporated by reference in, and is not considered part of, this proxy statement.
If
you would like additional copies of this proxy statement or if you have questions about the Business Combination or the proposals to
be presented at the Extraordinary General Meeting, you should contact the Company at the following address and telephone number:
INFINT
Acquisition Corporation
32
Broadway, Suite 401
New
York, New York 10004
(212)
287-5010
Attention:
Alexander Edgarov
Email:
sasha@infintspac.com
You
may also obtain these documents by requesting them in writing or by telephone from the Company’s proxy solicitation agent at the
following address and telephone number:
Morrow
Sodali LLC
333
Ludlow Street
5th
Floor, South Tower
Stamford,
CT 06902
Individuals,
please call toll-free: (800) 662-5200
Banks
and brokerages, please call: (203) 658-9400
Email:
IFIN.info@investor.morrowsodali.com
If
you are a shareholder of the Company and would like to request documents, please do so by , 2022 (one week prior to the Extraordinary
General Meeting), in order to receive them before the Extraordinary General Meeting. If you request any documents from us, we will mail
them to you by first class mail, or another equally prompt means.
*
* *
The
Board does not know of any other matters to be presented at the Extraordinary General Meeting. If any additional matters are properly
presented at the Extraordinary General Meeting, the persons named in the enclosed proxy card will have discretion to vote the shares
they represent in accordance with their own judgment on such matters.
It
is important that your shares be represented at the Extraordinary General Meeting, regardless of the number of shares that you hold.
You are, therefore, urged to execute and return, at your earliest convenience, the enclosed proxy card in the envelope that has also
been provided.
THE
BOARD OF DIRECTORS
, 2022
ANNEX
A
COMPANIES
ACT (AS AMENDED)
COMPANY
LIMITED BY SHARES
SECOND
AMENDED AND RESTATED
MEMORANDUM
AND ARTICLES OF ASSOCIATION
OF
INFINT
ACQUISITION CORPORATION
(adopted
pursuant to special resolutions of the Company passed on 2022 and effective
on 2022)
COMPANIES
ACT (AS AMENDED)
COMPANY
LIMITED BY SHARES
SECOND
AMENDED AND RESTATED
MEMORANDUM
OF ASSOCIATION
OF
INFINT
ACQUISITION CORPORATION
(adopted
pursuant to special resolutions of the Company passed on [__] 2022 and effective
on [__] 2022)
1. | The
name of the Company is InFinT Acquisition Corporation. |
| |
2. | The
registered office of the Company is at the offices of Mourant Governance Services (Cayman)
Limited, 94 Solaris Avenue, Camana Bay, PO Box 1348, Grand Cayman KY1-1108, Cayman Islands
or at such other place as the Directors may from time to time decide. |
| |
3. | The
objects for which the Company is established are unrestricted and the Company shall have
full power and authority to carry out any object not prohibited by law as provided by Section
7(4) of the Companies Act. |
| |
4. | The
Company shall have and be capable of exercising all the functions of a natural person of
full capacity irrespective of any question of corporate benefit as provided by Section 27(2)
of the Companies Act. |
| |
5. | Nothing
in the preceding paragraphs shall be deemed to permit the Company to carry on the business
of a bank or trust company without being licensed in that behalf under the provisions of
the Banks and Trust Companies Act (as amended) of the Cayman Islands, or to carry on insurance
business from within the Cayman Islands or the business of an insurance manager, agent, sub-agent
or broker without being licensed in that behalf under the provisions of the Insurance Act
(as amended) of the Cayman Islands, or to carry on the business of company management without
being licensed in that behalf under the provisions of the Companies Management Act (as amended)
of the Cayman Islands. |
6. | The
Company will not trade in the Cayman Islands with any person, firm or corporation except
in furtherance of the business of the Company carried on outside the Cayman Islands, provided
that nothing in this Memorandum of Association shall be construed as to prevent the Company
from effecting and concluding contracts in the Cayman Islands, and exercising in the Cayman
Islands all of its powers necessary for the carrying on of business outside the Cayman Islands. |
| |
7. | The
liability of each member is limited to the amount from time to time unpaid on such member’s
shares. |
| |
8. | The
authorised share capital of the Company is US$55,500 divided into 500,000,000 class A ordinary
shares with a par value of US$0.0001 each, 50,000,000 class B ordinary shares with a par
value of US$0.0001 each and 5,000,000 preference shares with a par value of US$0.0001 each,
with the power for the Company, insofar as is permitted by law and the Articles of Association
of the Company, to redeem, purchase or redesignate any of its shares and to increase or reduce
the said share capital subject to the Companies Act and the Articles of Association and to
issue any part of its capital, whether original, redeemed or increased with or without any
preference, priority or special privilege or subject to any postponement of rights or to
any conditions or restrictions and so that unless the conditions of issue shall otherwise
expressly declare every issue of shares whether declared to be preference or otherwise shall
be subject to the powers hereinbefore contained. |
| |
9. | The
Company may exercise the power contained in Section 206 of the Companies Act to deregister
in the Cayman Islands and be registered by way of continuation in another jurisdiction. |
| |
10. | Capitalised
terms that are not defined in this Memorandum of Association bear the meanings given to those
terms in the Articles of Association of the Company. |
COMPANIES
ACT (AS AMENDED)
COMPANY
LIMITED BY SHARES
SECOND
AMENDED AND RESTATED
ARTICLES
OF ASSOCIATION
OF
INFINT
ACQUISITION CORPORATION
(adopted
pursuant to special resolutions of the Company passed on [__] 2022 and effective on [__] 2022)
TABLE
OF CONTENTS
ARTICLE |
|
PAGE |
|
|
|
TABLE
A |
|
1 |
DEFINITIONS
AND INTERPRETATION |
|
1 |
COMMENCEMENT
OF BUSINESS |
|
7 |
SITUATION
OF REGISTERED OFFICE |
|
7 |
SHARES |
|
7 |
ISSUE
OF SHARES |
|
8 |
SHARE
RIGHTS |
|
9 |
CLASS
B SHARE CONVERSION |
|
9 |
REDEMPTION,
PURCHASE AND SURRENDER OF SHARES |
|
11 |
TREASURY
SHARES |
|
12 |
MODIFICATION
OF RIGHTS |
|
12 |
COMMISSION
ON SALES OF SHARES |
|
13 |
SHARE
CERTIFICATES |
|
13 |
TRANSFER
AND TRANSMISSION OF SHARES |
|
14 |
LIEN |
|
15 |
CALL
ON SHARES |
|
16 |
FORFEITURE
OF SHARES |
|
17 |
ALTERATION
OF SHARE CAPITAL |
|
18 |
GENERAL
MEETINGS |
|
18 |
NOTICE
OF GENERAL MEETINGS |
|
19 |
PROCEEDINGS
AT GENERAL MEETINGS |
|
20 |
VOTES
OF SHAREHOLDERS |
|
22 |
CLEARING
HOUSES |
|
24 |
WRITTEN
RESOLUTIONS OF SHAREHOLDERS |
|
24 |
DIRECTORS |
|
24 |
TRANSACTIONS
WITH DIRECTORS |
|
27 |
POWERS
OF DIRECTORS |
|
28 |
PROCEEDINGS
OF DIRECTORS |
|
29 |
WRITTEN
RESOLUTIONS OF DIRECTORS |
|
31 |
PRESUMPTION
OF ASSENT |
|
31 |
BORROWING
POWERS |
|
31 |
SECRETARY |
|
31 |
THE
SEAL |
|
32 |
Dividends,
Distributions and Reserves |
|
32 |
SHARE
PREMIUM ACCOUNT |
|
33 |
ACCOUNTS |
|
33 |
AUDIT |
|
34 |
NOTICES |
|
34 |
WINDING
UP AND FINAL DISTRIBUTION OF ASSETS |
|
36 |
INDEMNITY |
|
36 |
DISCLOSURE |
|
37 |
BUSINESS
COMBINATION |
|
37 |
BUSINESS
OPPORTUNITIES |
|
40 |
CLOSING
REGISTER OF MEMBERS OR FIXING RECORD DATE |
|
41 |
REGISTRATION
BY WAY OF CONTINUATION |
|
42 |
FINANCIAL
YEAR |
|
42 |
AMENDMENTS
TO MEMORANDUM AND ARTICLES OF ASSOCIATION |
|
42 |
CAYMAN
ISLANDS DATA PROTECTION |
|
42 |
COMPANIES
ACT (AS AMENDED)
COMPANY
LIMITED BY SHARES
SECOND
AMENDED AND RESTATED
ARTICLES
OF ASSOCIATION
OF
INFINT
ACQUISITION CORPORATION
(adopted
pursuant to special resolutions of the Company passed on [__] 2022 and effective on [__] 2022)
TABLE
A
1. | In
these Articles, the regulations contained in Table A in the First Schedule to the Companies
Act (as defined below) do not apply except insofar as they are repeated or contained in these
Articles. |
DEFINITIONS
AND INTERPRETATION
2. | In
these Articles the following words and expressions shall have the meanings set out below
save where the context otherwise requires: |
|
Applicable
Law |
with
respect to any person, all applicable provisions of all constitutions, treaties, statutes, laws (including the common law), codes,
rules, regulations, ordinances or orders of any Governmental Authority, and any orders, decisions, injunctions, awards and decrees
of or agreements with any Governmental Authority; |
|
Articles |
these
articles of association of the Company, as amended or amended and restated from time to time by Special Resolution; |
|
|
|
|
Audit
Committee |
the
audit committee of the board of directors of the Company established pursuant to Article 171, or any successor audit committee; |
|
|
|
|
Auditors |
the
auditor or auditors for the time being of the Company; |
|
|
|
|
Board
of Directors |
the
Directors assembled as a board or assembled as a committee appointed by that board; |
|
|
|
|
Business
Combination |
a
merger, amalgamation, share exchange, asset acquisition, share purchase, reorganisation or similar business combination involving
the Company, with one or more businesses or assets (the target business), which Business Combination: (a) must occur with
one or more target businesses that together have an aggregate fair market value of at least 80 per cent of the assets held in the
Trust Account (excluding the deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the
time of entering into the definitive agreement to enter into a Business Combination; and (b) must not be effectuated solely with
another blank cheque company or a similar company with nominal operations; |
|
|
|
|
Business
Combination Provisions |
has
the meaning given in Article 188; |
|
|
|
|
Class
or Classes |
any
class or classes of Shares as may from time to time be issued by the Company; |
|
|
|
|
Class
A Share |
a
Class A ordinary share with a par value of US$0.0001 in the share capital of the Company; |
|
|
|
|
Class
B Share |
a
Class B ordinary share with a par value of US$0.0001 in the share capital of the Company; |
|
|
|
|
Class
B Share Conversion |
the
conversion of Class B Shares in accordance with these Articles; |
|
|
|
|
Companies
Act |
the
Companies Act (as amended) of the Cayman Islands; |
|
|
|
|
Company |
the
above-named company; |
|
Designated
Stock Exchange |
means
any national securities exchange or automated system on which the Company’s securities are traded, including, but not limited
to, NASDAQ Global Market, The New York Stock Exchange or any over-the-counter (OTC) market; |
|
|
|
|
Directors |
the
directors of the Company for the time being; |
|
|
|
|
Dividend |
any
dividend (whether interim or final) resolved to be paid on Shares pursuant to these Articles; |
|
|
|
|
DPA |
has
the meaning given in Article 212; |
|
|
|
|
Electronic
Record |
has
the same meaning as in the Electronic Transactions Act; |
|
|
|
|
Electronic
Transactions
Act |
the
Electronic Transactions Act (as amended) of the Cayman Islands; |
|
|
|
|
Equity-linked
Securities |
any
debt or equity securities that are convertible, exercisable or exchangeable for Class A Shares issued in a financing transaction
in connection with a Business Combination, including, but not limited to, a private placement of equity or debt; |
|
|
|
|
Founders |
the
Sponsor and all Shareholders immediately prior to the consummation of the IPO; |
|
|
|
|
Governmental
Authority |
any
nation or government or any province or state or any other political subdivision thereof, or any entity, authority or body exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any court, tribunal,
government authority, agency, department, board, commission or instrumentality or any political subdivision thereof, any court, tribunal
or arbitrator, and any self-regulatory organisation; |
|
|
|
|
Initial
Conversion Ratio |
has
the meaning given in Article 23; |
|
|
|
|
Investor
Group |
the
Sponsor and its affiliates, successors and assigns; |
|
|
|
|
Investor
Group Related Person |
has
the meaning given in Article 200; |
|
|
|
|
IPO |
the
Company’s initial public offering of securities; |
|
|
|
|
IPO
Redemption |
has
the meaning given in Article 192; |
|
Memorandum |
the
memorandum of association of the Company, as amended or amended and restated from time to time by Special Resolution; |
|
|
|
|
Ordinary
Resolution |
a
resolution: |
|
(a) |
passed
by a simple majority of the votes of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed,
by proxy, at a general meeting and where a poll is taken regard shall be had in computing a majority to the number of votes to which
each Shareholder is entitled; or |
|
|
|
|
(b) |
approved
in writing by all of the Shareholders entitled to vote at a general meeting in one or more instruments each signed by one or more
of the Shareholders and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of
such instruments, if more than one, is executed; |
|
Over-Allotment
Option |
means
the option of the Underwriter to purchase additional units sold in the IPO at a price equal to US$10.00 per unit, less underwriting
discounts and commissions; |
|
|
|
|
paid
up |
paid
up as to the par value and any premium payable in respect of the issue of any Shares and includes credited as paid up; |
|
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|
|
person |
any
natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having separate
legal personality) or any of them as the context so requires; |
|
|
|
|
Personal
Data |
has
the meaning given in Article 212; |
|
|
|
|
Preference
Share |
a
preference share of a par value of US$0.0001 in the share capital of the Company; |
|
|
|
|
Public
Share |
a
Class A Share issued as part of the units issued in the IPO; |
|
|
|
|
Redemption
Price |
has
the meaning given in Article 192; |
|
|
|
|
Register
of Members |
the
register of Shareholders to be kept pursuant to these Articles; |
|
|
|
|
Registered
Office |
the
registered office of the Company for the time being; |
|
Seal |
the
common seal of the Company including any duplicate seal; |
|
|
|
|
SEC |
the
United States Securities and Exchange Commission; |
|
|
|
|
Secretary |
any
person appointed by the Directors to perform any of the duties of the secretary of the Company, including a joint, assistant or deputy
secretary; |
|
|
|
|
Series
|
a
series of a Class as may from time to time be issued by the Company; |
|
|
|
|
Share |
means
a Class A Share, a Class B Share or a Preference Share and includes a fraction of a share in the Company; |
|
|
|
|
Shareholder |
any
person registered in the Register of Members as the holder of Shares of the Company and, where two or more persons are so registered
as the joint holders of such Shares, the person whose name stands first in the Register of Members as one of such joint holders; |
|
|
|
|
Share
Premium Account |
the
share premium account established in accordance with these Articles and the Companies Act; |
|
|
|
|
signed |
includes
an electronic signature and a signature or representation of a signature affixed by mechanical means; |
|
|
|
|
Special
Resolution |
has
the same meaning as in the Companies Act, being a resolution:
|
|
(a) |
passed
by a majority of not less than two-thirds (or, with respect to amending Article 120 or Article 128(g) prior to the consummation of
a Business Combination, a majority of not less than 90% of the votes cast at a general meeting) of such Shareholders as, being entitled
to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of which notice specifying the intention to
propose the resolution as a special resolution has been duly given and where a poll is taken regard shall be had in computing a majority
to the number of votes to which each Shareholder is entitled; or |
|
|
|
|
(b) |
approved
in writing by all of the Shareholders entitled to vote at a general meeting in one or more instruments each signed by one or more
of the Shareholders and the effective date of the special resolution so adopted shall be the date on which the instrument or the
last of such instruments, if more than one, is executed; |
|
Sponsor
|
InFinT
Capital LLC, a Delaware limited liability company; |
|
|
|
|
Treasury
Shares |
Shares
that were previously issued but were purchased, redeemed, surrendered or otherwise acquired by the Company and not cancelled; |
|
|
|
|
Trust
Account |
the
trust account established by the Company upon the consummation of its IPO and into which a certain amount of the net proceeds of
the IPO, together with certain of the proceeds of a private placement of warrants simultaneously with the closing date of the IPO,
will be deposited; |
|
|
|
|
Underwriter
|
an
underwriter of the IPO from time to time and any successor underwriter; and |
|
|
|
|
US
Exchange Act |
the
United States Securities Exchange Act of 1934, as amended, or any similar U.S. federal statute and the rules and regulations of the
SEC thereunder, all as the same shall be in effect at the time. |
3. | In
these Articles, unless there be something in the subject or context inconsistent with such
construction: |
| (a) | words
importing the singular number shall include the plural number and vice versa; |
| | |
| (b) | words
importing persons only shall include companies, partnerships, trusts or associations or bodies
of persons, whether corporate or not; |
| | |
| (c) | the
word “may” shall be construed as permissive and the word “shall”
shall be construed as imperative; |
| | |
| (d) | the
word “year” shall mean calendar year, the word “quarter” shall mean
calendar quarter and the word “month” shall mean calendar month; |
| | |
| (e) | a
reference to a “dollar” or “$” is a reference to the legal currency
of the United States of America; |
| | |
| (f) | a
reference to any enactment includes a reference to any modification or re-enactment thereof
for the time being in force; |
| | |
| (g) | a
reference to any meeting (whether of the Directors, a committee appointed by the Board of
Directors or the Shareholders or any class of Shareholders) includes any adjournment of that
meeting; |
| (h) | Sections
8 and 19 of the Electronic Transactions Act shall not apply; and |
| | |
| (i) | a
reference to “written” or “in writing” includes a reference to all
modes of representing or reproducing words in visible form, including in the form of an Electronic
Record. |
4. | Subject
to the two preceding Articles, any words defined in the Companies Act shall, if not inconsistent
with the subject or context, bear the same meaning in these Articles. |
| |
5. | The
table of contents to and the headings in these Articles are for convenience of reference
only and are to be ignored in construing these Articles. |
COMMENCEMENT
OF BUSINESS
6. | The
business of the Company may be commenced as soon after incorporation as the Board of Directors
shall see fit. |
SITUATION
OF REGISTERED OFFICE
7. | The
Registered Office shall be at such address in the Cayman Islands as the Directors shall from
time to time determine. The Company, in addition to the Registered Office, may establish
and maintain such other offices and places of business and agencies in such places as the
Directors may from time to time determine. |
SHARES
8. | The
Directors may impose such restrictions as they think necessary on the offer and sale of any
Shares. |
| |
9. | The
Directors may in their absolute discretion refuse to accept any application for Shares and
may accept any application in whole or in part. |
| |
10. | The
Company may on any issue of Shares deduct any sales charge or subscription fee from the amount
subscribed for the Shares. |
| |
11. | No
person shall be recognised by the Company as holding any Share upon any trust, and the Company
shall not be bound by or recognise (even when having notice thereof) any equitable, contingent,
future or partial interest in any Share, or (except as otherwise provided by these Articles
or as required by law) any other right in respect of any Share except an absolute right thereto
in the registered holder. |
| |
12. | The
Directors shall keep or cause to be kept a Register of Members as required by the Companies
Act at such place or places as the Directors may from time to time determine, and in the
absence of any such determination, the Register of Members shall be kept at the Registered
Office. |
13. | The
Directors in each year shall prepare or cause to be prepared an annual return and declaration
setting forth the particulars required by the Companies Act in respect of exempted companies
and deliver a copy thereof to the Registrar of Companies in the Cayman Islands. |
| |
14. | The
Company shall not issue Shares to bearer. |
ISSUE
OF SHARES
15. | Subject
to the provisions, if any, in the Memorandum (and to any direction that may be given by the
Company in general meeting) and, where applicable, the rules and regulations of the Designated
Stock Exchange, the SEC and/or any other competent regulatory authority or otherwise under
Applicable Law, without prejudice to any rights attached to any existing Shares, the Directors
may allot, issue, grant options over or otherwise dispose of Shares (including fractions
of a Share) with or without preferred, deferred or other rights or restrictions, whether
in regard to dividend, voting, return of capital or otherwise and to such persons, at such
times and on such other terms as they think proper, and may also (subject to the Companies
Act and these Articles) vary such rights, and for such purposes the Directors may reserve
an appropriate number of Shares for the time being unissued; save that the Directors shall
not allot, issue, grant options over or otherwise dispose of Shares (including fractions
of a Share) to the extent that it may affect the ability of the Company to carry out a Class
B Share Conversion as set out in these Articles. |
| |
16. | The
Company may issue rights, options, warrants or convertible securities or securities of a
similar nature conferring the right upon the holders thereof to subscribe for, purchase or
receive any class of Shares or other securities in the Company, upon such terms as the Directors
may from time to time determine, and for such purposes the Directors may reserve an appropriate
number of Shares for the time being unissued. |
| |
17. | The
Company may issue units of securities in the Company, which may be comprised of whole or
fractional Shares, rights, options, warrants or convertible securities or securities of similar
nature conferring the right upon the holders thereof to subscribe for, purchase or receive
any class of Shares or other securities in the Company, upon such terms as the Directors
may from time to time determine. The securities comprising any such units which are issued
pursuant to the IPO can only be traded separately from one another on the 52nd day following
the date of the prospectus relating to the IPO unless the Underwriter determines that an
earlier date is acceptable, subject to the Company having filed a current report on Form
8-K with the SEC and a press release announcing when such separate trading will begin. Prior
to such date, the units can be traded, but the securities comprising such units cannot be
traded separately from one another. |
| |
18. | Subject
to Article 39, the Directors, or the Shareholders by Ordinary Resolution, may authorise the
division of Shares into any number of Classes and sub-classes and Series and sub-series and
the different Classes and sub-classes and Series and sub-series shall be authorised, established
and designated (or re-designated as the case may be) and the variations in the relative rights
(including, without limitation, voting, dividend and redemption rights), restrictions, preferences,
privileges and payment obligations as between the different Classes and Series (if any) may
be fixed and determined by the Directors or the Shareholders by Ordinary Resolution. |
19. | The
Directors may issue fractions of a Share and, if so issued, a fraction of a Share shall be
subject to and carry the corresponding fraction of liabilities (whether with respect to nominal
or par value, premium, calls or otherwise howsoever), limitations, preferences, privileges,
qualifications, restrictions, rights (including without prejudice to the foregoing generality,
voting and participation rights) and other attributes of a Share. If more than one fraction
of a Share is issued to or acquired by the same Shareholder, such fractions shall be accumulated. |
| |
20. | The
premium arising on all issues of Shares shall be held in the Share Premium Account established
in accordance with these Articles. |
| |
21. | Payment
for Shares shall be made at such time and place and to such person on behalf of the Company
as the Directors may from time to time determine. Payment for any Shares shall be made in
such currency as the Directors may determine from time to time, provided that the Directors
shall have the discretion to accept payment in any other currency or in kind or a combination
of cash and in kind. |
SHARE
RIGHTS
| 22. | With
the exception that the holder of a Class B Share shall have the conversion rights referred
to in Article 23, the Director appointment and removal rights referred to in Article 120
and except as otherwise specified in these Articles or required by law, the rights attaching
to all Class A Shares and Class B Shares shall rank pari passu in all respects, and the Class
A Shares and Class B Shares shall vote together as a single class on all matters. |
CLASS
B SHARE CONVERSION
23. | Subject
to Article 24, Class B Shares shall automatically convert into Class A Shares on a one-for-one
basis (the Initial
Conversion Ratio) automatically on the day of the closing
of the initial Business Combination. |
| |
24. | Notwithstanding
the Initial Conversion Ratio: |
| (a) | in
the event that additional Class A Shares or any other Equity-linked Securities are issued
or deemed issued in excess of the amounts offered in the IPO and related to the closing of
the initial Business Combination, all Class B Shares in issue shall automatically convert
into Class A Shares at the time of the closing of the initial Business Combination and the
ratio for which the Class B Shares shall convert into Class A Shares will be adjusted so
that the number of Class A Shares issuable upon conversion of all Class B Shares will equal,
in the aggregate, 20 per cent of the sum of: (a) all Class A Shares in issue upon completion
of the IPO and after such conversion plus (b) all Class A 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 (x) any Class A Shares or Equity-linked Securities
exercisable for or convertible into Class A Shares issued, or deemed issued, or to be issued,
to any seller in the initial Business Combination and (y) any private placement warrants
issued to the Sponsor, its affiliates or any Director or officer of the Company upon conversion
of working capital loans made to the Company; and |
| (b) | the
foregoing adjustment to the Initial Conversion Ratio may be waived as to any particular issuance
or deemed issuance of additional Class A Shares or Equity-linked Securities by the written
consent or agreement of holders of a majority of the Class B Shares then in issue consenting
as a separate class in the manner provided in Article 39. |
25. | The
applicable conversion ratio for Class B Shares shall be adjusted to account for any subdivision
(by share split, subdivision, exchange, capitalisation, rights issue, reclassification, recapitalisation
or otherwise) or combination (by reverse share split, share consolidation, exchange, reclassification,
recapitalisation or otherwise) or similar reclassification or recapitalisation of the Class
A Shares in issue into a greater or lesser number of shares occurring after the adoption
of these Articles without a proportionate and corresponding subdivision, combination or similar
reclassification or recapitalisation of the Class B Shares in issue. |
| |
26. | Each
Class B Share shall convert into its pro rata number of Class A Shares as set forth in this
Article 26. The pro rata share for each holder of Class B Shares will be determined as follows:
each Class B Share shall convert into such number of Class A Shares as is equal to the product
of 1 multiplied by a fraction, the numerator of which shall be the total number of Class
A Shares into which all of the Class B Shares in issue shall be converted pursuant to these
Articles and the denominator of which shall be the total number of Class B Shares in issue
at the time of conversion. |
| |
27. | Notwithstanding
anything to the contrary in these Articles, in no event may any Class B Share convert into
Class A Shares at a ratio that is less than one-for-one. |
| |
28. | References
in Articles 23 to 27 to converted,
conversion or exchange shall
mean the compulsory redemption without notice of Class B Shares of any Shareholder and, on
behalf of such Shareholders, automatic application of such redemption proceeds in paying
for such new Class A Shares into which the Class B Shares have been converted or exchanged
at a price per Class B Share necessary to give effect to a conversion or exchange calculated
on the basis that the Class A Shares to be issued as part of the conversion or exchange will
be issued at par. The Class A Shares to be issued on an exchange or conversion shall be registered
in the name of such Shareholder or in such name as the Shareholder may direct. |
REDEMPTION,
PURCHASE AND SURRENDER OF SHARES
29. | Subject
to the Companies Act and the rules of the Designated Stock Exchange, the Company may: |
| (a) | issue
Shares on terms that they are to be redeemed or are liable to be redeemed at the option of
the Company or the Shareholder on such terms and in such manner as the Directors may determine; |
| | |
| (b) | purchase
its own Shares (including any redeemable Shares) on such terms and in such manner as the
Directors may determine and agree with the Shareholder; |
| | |
| (c) | make
a payment in respect of the redemption or purchase of its own Shares in any manner authorised
by the Companies Act, including out of its capital; and |
| | |
| (d) | accept
the surrender for no consideration of any paid up Share (including any redeemable Share)
on such terms and in such manner as the Directors may determine. |
30. | With
respect to redeeming or repurchasing the Shares: |
| (a) | Shareholders
who hold Public Shares are entitled to request the redemption of such Shares in the circumstances
described in these Articles; |
| | |
| (b) | Shares
held by the Founders shall be surrendered by the Founders on a pro rata basis for no consideration
to the extent that the Over-Allotment Option is not exercised in full so that the Founders
will own, on an as converted basis, 20 per cent of the Company’s issued Shares after
the IPO (exclusive of any securities purchased in a private placement simultaneously with
the IPO); and |
| (c) | Public
Shares shall be repurchased by way of tender offer in the circumstances set out in these
Articles. |
31. | The
redemptions and repurchases of Shares in the circumstances described in Article 30 above
shall not require further approval of the Shareholders. |
| |
32. | Any
Share in respect of which notice of redemption has been given shall not be entitled to participate
in the profits of the Company in respect of the period after the date specified as the date
of redemption in the notice of redemption. |
| |
33. | The
redemption, purchase or surrender of any Share shall not be deemed to give rise to the redemption,
purchase or surrender of any other Share. |
| |
34. | The
Directors may when making payments in respect of redemption or purchase of Shares, if authorised
by the terms of issue of the Shares being redeemed or purchased or with the agreement of
the holder of such Shares, make such payment either in cash or in specie including, without
limitation, interests in a special purpose vehicle holding assets of the Company or holding
entitlement to the proceeds of assets held by the Company or in a liquidating structure. |
TREASURY
SHARES
35. | Shares
that the Company purchases, redeems or acquires (by way of surrender or otherwise) may, at
the option of the Company, be cancelled immediately or held as Treasury Shares in accordance
with the Companies Act. In the event that the Directors do not specify that the relevant
Shares are to be held as Treasury Shares, such Shares shall be cancelled. |
| |
36. | No
dividend may be declared or paid, and no other distribution (whether in cash or otherwise)
of the Company’s assets (including any distribution of assets to Shareholders on a
winding up) may be declared or paid in respect of a Treasury Share. |
| |
37. | The
Company shall be entered in the Register of Members as the holder of the Treasury Shares
provided that: |
| (a) | the
Company shall not be treated as a Shareholder for any purpose and shall not exercise any
right in respect of the Treasury Shares, and any purported exercise of such a right shall
be void; and |
| (b) | a
Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company
and shall not be counted in determining the total number of issued shares at any given time,
whether for the purposes of these Articles or the Companies Act, save that an allotment of
Shares as fully paid bonus shares in respect of Treasury Shares is permitted and Shares allotted
as fully paid bonus shares in respect of Treasury Shares shall be treated as Treasury Shares. |
38. | Treasury
Shares may be disposed of by the Company on any terms and conditions as determined by the
Directors. |
MODIFICATION
OF RIGHTS
39. | If
at any time the share capital of the Company is divided into different classes of Shares,
the rights attached to any class (unless otherwise provided by the terms of issue of the
Shares of that class) may, whether or not the Company is being wound up, be varied without
the consent in writing of the holders of the issued Shares of that class where such variation
is considered by the Directors not to have a material adverse effect upon such rights; otherwise,
any such variation shall be made only with the consent in writing of the holders of not less
than two thirds of the issued Shares of that class, or with the approval of a resolution
passed by a majority of not less than two thirds of the votes cast at a separate meeting
of the holders of the Shares of that class (other than with respect to a waiver pursuant
to Article 24(b), which as stated therein shall only require the consent in writing of the
holders of a majority of the issued Shares of that class). For the avoidance of doubt, the
Directors reserve the right, notwithstanding that any such variation may not have a material
adverse effect, to obtain consent from the holders of Shares of the relevant class. To any
such meeting all the provisions of these Articles relating to general meetings shall apply
mutatis mutandis, except that the necessary quorum shall be one or more persons holding
or representing by proxy at least one third in nominal or par value amount of the issued
Shares of the class (but so that if at any adjourned meeting of such holders a quorum as
above defined is not present, those Shareholders who are present shall form a quorum) and
that any holder of Shares of the class present in person or by proxy may demand a poll. |
40. | For
the purposes of a separate class meeting, the Directors may treat two or more or all the
classes of Shares as forming one class of Shares if the Directors consider that such class
of Shares would be affected in the same way by the proposals under consideration, but in
any other case shall treat them as separate classes of Shares. |
| |
41. | The
provisions of these Articles relating to general meetings shall apply to every class meeting
of the holders of one class of Shares except that the necessary quorum shall be one or more
Shareholders holding or representing by proxy at least twenty per cent in par value of the
issued Shares of the class and that any holder of Shares of the class present in person or
by proxy may demand a poll. |
| |
42. | The
rights conferred upon the holders of the Shares of any class issued with preferred or other
rights shall not, unless otherwise expressly provided by the terms of issue of the Shares
of that class, be deemed to be varied by the creation or issue of further Shares ranking
pari passu therewith, any variation of the rights conferred upon the holders of Shares of
any other class, or the redemption or purchase of any Shares of any class by the Company. |
COMMISSION
ON SALES OF SHARES
43. | The
Company may, in so far as the Companies Act permits, pay a commission to any person in consideration
of his subscribing or agreeing to subscribe (whether absolutely or conditionally) or procuring
or agreeing to procure subscriptions (whether absolutely or conditionally) for any Shares.
Such commissions may be satisfied by the payment of cash and/or the issue of fully or partly
paid-up Shares. The Company may also on any issue of Shares pay such brokerage as may be
lawful. |
SHARE
CERTIFICATES
44. | The
Shares will be issued in fully registered, book-entry form. A Shareholder shall only be entitled
to a share certificate if the Directors resolve that share certificates shall be issued.
Share certificates representing Shares, if any, shall be in such form as the Directors may
determine. Share certificates shall be signed by one or more Directors or other person authorised
by the Directors. The Directors may authorise certificates to be issued with the authorised
signature(s) affixed by mechanical process. All certificates for Shares shall be consecutively
numbered or otherwise identified and shall specify the Shares to which they relate. All certificates
surrendered to the Company for transfer shall be cancelled and, subject to these Articles,
no new certificate shall be issued until the former certificate representing a like number
of relevant Shares shall have been surrendered and cancelled. |
45. | If
a share certificate is defaced, worn out lost or destroyed it may be renewed on such terms
(if any) as to evidence and indemnity and on payment of such fee, if any, and on such terms
if any, as to evidence and obligations to indemnify the Company as the Board of Directors
may determine and (in the case of defacement or wearing out) upon delivery of the old certificate.
|
| |
46. | Every
share certificate sent in accordance with these Articles will be sent at the risk of the
Shareholder or other person entitled to the certificate. The Company will not be responsible
for any share certificate lost or delayed in the course of delivery. |
| |
47. | Every
share certificate of the Company shall bear legends required under Applicable Law, including
the US Exchange Act. |
TRANSFER
AND TRANSMISSION OF SHARES
48. | Subject
to these Articles and the rules or regulations of the Designated Stock Exchange or any relevant
rules of the SEC or securities laws (including, but not limited to the US Exchange Act),
a Shareholder may transfer all or any of his, her or its Shares. |
| |
49. | The
instrument of transfer of any Share shall be in: (a) any usual or common form; (b) such form
as is prescribed by the Designated Stock Exchange; or (c) any other form as the Directors
may determine, and shall be executed by or on behalf of the transferor and if in respect
of a nil or partly paid up Share, or if so required by the Directors, shall also be executed
on behalf of the transferee and shall be accompanied by the certificate (if any) of the Shares
to which it relates and such other evidence as the Directors may reasonably require to show
the right of the transferor to make the transfer. The transferor shall be deemed to remain
the holder of a Share until the name of the transferee is entered in the Register of Members
in respect of the relevant Shares. |
| |
50. | Subject
to the terms of issue thereof and the rules or regulations of the Designated Stock Exchange
or any relevant rules of the SEC or securities laws (including, but not limited to, the US
Securities Act of 1933, as amended), the Directors may determine to decline to register any
transfer of Shares without assigning any reason therefor. If the Shares in question were
issued in conjunction with rights, options or warrants issued pursuant to these Articles
on terms that one cannot be transferred without the other, the Directors shall refuse to
register the transfer of any such Share without evidence satisfactory to them of the like
transfer of such option or warrant. |
| |
51. | The
registration and transfer of Shares may be suspended at such times and for such periods as
the Directors may from time to time determine. |
| |
52. | All
instruments of transfer which are registered shall be retained by the Company, but any instrument
of transfer which the Directors may decline to register shall (except in any case of fraud)
be returned to the person depositing the same. |
53. | In
case of the death of a Shareholder, the survivors or survivor (where the deceased was a joint
holder) and the executors or administrators of the deceased where the deceased was the sole
or only surviving holder, shall be the only persons recognised by the Company as having title
to the deceased’s interest in the Shares, but nothing in this Article shall release
the estate of the deceased holder whether sole or joint from any liability in respect of
any Share solely or jointly held by the deceased. |
| |
54. | Any
guardian of an infant Shareholder and any curator or other legal representative of a Shareholder
under legal disability and any person entitled to a share in consequence of the death or
bankruptcy of a Shareholder shall, upon producing such evidence of title as the Directors
may require, have the right either to be registered as the holder of the Share or to make
such transfer thereof as the deceased or bankrupt Shareholder could have made, but the Directors
shall in either case have the same right to refuse or suspend registration as they would
have had in the case of a transfer of the Shares by the infant or by the deceased or bankrupt
Shareholder before the death or bankruptcy or by the Shareholder under legal disability before
such disability. |
| |
55. | A
person so becoming entitled to a Share in consequence of the death or bankruptcy of a Shareholder
shall have the right to receive and may give a discharge for all dividends and other money
payable or other advantages due on or in respect of the Share, but such person shall not
be entitled to receive notice of or to attend or vote at meetings of the Company, or save
as aforesaid, to any of the rights or privileges of a Shareholder unless and until such person
shall be registered as a Shareholder in respect of the Share provided always that the Directors
may at any time give notice requiring any such person to elect either to be registered himself
or to transfer the Share and if the notice is not complied with within ninety (90) days the
Directors may thereafter withhold all dividends or other monies payable or other advantages
due in respect of the Share until the requirements of the notice have been complied with. |
LIEN
56. | The
Company shall have a first and paramount lien on all Shares (whether fully paid-up or not)
registered in the name of a Shareholder (whether solely or jointly with others) for all debts,
liabilities or engagements to or with the Company (whether presently payable or not) by such
Shareholder or the Shareholder’s estate, either alone or jointly with any other person,
whether a Shareholder or not, but the Directors may at any time declare any Share to be wholly
or in part exempt from the provisions of this Article. The registration of a transfer of
any such Share shall operate as a waiver of the Company’s lien thereon. The Company’s
lien on a Share shall also extend to any amount payable in respect of that Share. |
| |
57. | The
Company may sell, in such manner as the Directors think fit, any Shares on which the Company
has a lien, if a sum in respect of which the lien exists is presently payable, and is not
paid within fourteen (14) clear days after notice has been given to the holder of the Shares,
or to the person entitled to it in consequence of the death or bankruptcy of the holder,
demanding payment and stating that if the notice is not complied with the Shares may be sold. |
58. | To
give effect to any such sale the Directors may authorise any person to execute an instrument
of transfer of the Shares sold to, or in accordance with the directions of, the purchaser.
The purchaser or the purchaser’s nominee shall be registered as the holder of the Shares
comprised in any such transfer, and the purchaser shall not be bound to see to the application
of the purchase money, nor shall the purchaser’s title to the Shares be affected by
any irregularity or invalidity in the sale or the exercise of the Company’s power of
sale under these Articles. |
| |
59. | The
net proceeds of such sale, after payment of costs, shall be applied in payment of such part
of the amount in respect of which the lien exists as is presently payable and any residue
shall (subject to a like lien for sums not presently payable as existed upon the Shares before
the sale) be paid to the person entitled to the Shares at the date of the sale. |
CALL
ON SHARES
60. | Subject
to the terms of the allotment the Directors may from time to time make calls upon the Shareholders
in respect of any monies unpaid on their Shares (whether in respect of par value or premium),
and each Shareholder shall (subject to receiving at least fourteen (14) days’ notice
specifying the time or times of payment) pay to the Company at the time or times so specified
the amount called on the Shares. A call may be revoked or postponed as the Directors may
determine. A call may be required to be paid by instalments. A person upon whom a call is
made shall remain liable for calls made upon them notwithstanding the subsequent transfer
of the Shares in respect of which the call was made. |
| |
61. | A
call shall be deemed to have been made at the time when the resolution of the Directors authorising
such call was passed. |
| |
62. | The
joint holders of a Share shall be jointly and severally liable to pay all calls in respect
thereof. |
| |
63. | If
a call remains unpaid after it has become due and payable, the person from whom it is due
shall pay interest on the amount unpaid from the day it became due and payable until it is
paid at such rate as the Directors may determine, but the Directors may waive payment of
the interest wholly or in part. |
| |
64. | An
amount payable in respect of a Share on allotment or at any fixed date, whether on account
of the par value of the Share or premium or otherwise, shall be deemed to be a call and if
it is not paid all the provisions of these Articles shall apply as if that amount had become
due and payable by virtue of a call. |
| |
65. | The
Directors may issue Shares with different terms as to the amount and times of payment of
calls, or the interest to be paid. |
| |
66. | The
Directors may, if they think fit, receive an amount from any Shareholder willing to advance
all or any part of the monies uncalled and unpaid upon any Shares held by such Shareholder,
and may (until the amount would otherwise become payable) pay interest at such rate as may
be agreed upon between the Directors and the Shareholder paying such amount in advance. |
67. | No
such amount paid in advance of calls shall entitle the Shareholder paying such amount to
any portion of a dividend declared in respect of any period prior to the date upon which
such amount would, but for such payment, become payable. |
FORFEITURE
OF SHARES
68. | If
a call remains unpaid after it has become due and payable the Directors may give to the person
from whom it is due not less than fourteen (14) clear days’ notice requiring payment
of the amount unpaid together with any interest which may have accrued. The notice shall
specify where payment is to be made and shall state that if the notice is not complied with
the Shares in respect of which the call was made will be liable to be forfeited. |
| |
69. | If
the notice is not complied with any Share in respect of which it was given may, before the
payment required by the notice has been made, be forfeited by a resolution of the Directors.
Such forfeiture shall include all dividends or other monies declared payable in respect of
the forfeited Share and not paid before the forfeiture. |
| |
70. | A
forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in such
manner as the Directors think fit and at any time before a sale, re-allotment or disposition
the forfeiture may be cancelled on such terms as the Directors think fit. Where for the purposes
of its disposal a forfeited Share is to be transferred to any person the Directors may authorise
some person to execute an instrument of transfer of the Share in favour of that person. |
| |
71. | A
person any of whose Shares have been forfeited shall cease to be a Shareholder in respect
of them and shall surrender to the Company for cancellation the certificate for the Shares
forfeited and shall remain liable to pay to the Company all monies which at the date of forfeiture
were payable by such person to the Company in respect of those Shares together with interest,
but such person’s liability shall cease if and when the Company shall have received
payment in full of all monies due and payable by such person in respect of those Shares. |
| |
72. | A
certificate in writing under the hand of one Director or officer of the Company that a Share
has been forfeited on a specified date shall be conclusive evidence of the fact as against
all persons claiming to be entitled to the Share. The certificate shall (subject to the execution
of any instrument of transfer) constitute a good title to the Share and the person to whom
the Share is disposed of shall not be bound to see to the application of the purchase money,
if any, nor shall such person’s title to the Share be affected by any irregularity
or invalidity in the proceedings in reference to the forfeiture, sale or disposal of the
Share. |
| |
73. | The
provisions of these Articles as to forfeiture shall apply in the case of non-payment of any
sum which, by the terms of issue of a Share, becomes payable at a fixed time, whether on
account of the par value of the Share or by way of premium as if it had been payable by virtue
of a call duly made and notified. |
ALTERATION
OF SHARE CAPITAL
74. | The
Company may from time to time by Ordinary Resolution increase its share capital by such sum
to be divided into Shares of such classes and amounts, with such rights, priorities and privileges
annexed thereto as the resolution shall prescribe. |
| |
75. | All
new Shares shall be subject to the provisions of these Articles with reference to transfer,
transmission and otherwise. |
| |
76. | Subject
to the Companies Act, the Company may by Special Resolution from time to time reduce its
share capital in any way, and in particular, without prejudice to the generality of the foregoing
power, may: |
| (a) | cancel
any paid-up share capital which is lost, or which is not represented by available assets;
or |
| (b) | pay
off any paid-up share capital which is in excess of the requirements of the Company, |
and
may, if and so far as is necessary, alter the Memorandum by reducing the amounts of its share capital and of its Shares accordingly.
77. | The
Company may from time to time by Ordinary Resolution alter (without reducing) its share capital
by: |
| (a) | consolidating
and dividing all or any of its share capital into Shares of larger amount than its existing
Shares; |
| | |
| (b) | sub
dividing its Shares, or any of them, into Shares of smaller amount than that fixed by the
Memorandum so, however, that in the sub division the proportion between the amount paid and
the amount, if any, unpaid on each reduced Share shall be the same as it was in the case
of the Share from which the reduced Share is derived; or |
| | |
| (c) | cancelling
any Shares which, at the date of the passing of the Ordinary Resolution, have not been taken,
or agreed to be taken by any person, and diminishing the amount of its authorised share capital
by the amount of the Shares so cancelled. |
GENERAL
MEETINGS
78. | For
so long as any Shares are traded on a Designated Stock Exchange, the Company shall in each
year hold a general meeting as its annual general meeting, and shall specify the meeting
as such in the notices calling it, unless such Designated Stock Exchange does not require
the holding of an annual general meeting. Any annual general meeting shall be held at such
time and place as the Directors shall appoint in accordance with the rules of the Designated
Stock Exchange and if no other time and place is prescribed by them, it shall be held at
the Registered Office on the second Wednesday in December of each year at ten o’clock
in the morning. At these meetings the report of the Directors (if any) shall be presented. |
79. | All
general meetings (other than annual general meetings) shall be called extraordinary general
meetings. |
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80. | The
Directors may proceed to convene a general meeting whenever they think fit, including, without
limitation, for the purposes of considering a liquidation of the Company, and they shall
convene a general meeting on the requisition of the Shareholders holding at the date of the
deposit of the requisition not less than 30 per cent in par value of such of the paid-up
capital of the Company as at the date of the deposit carries the right of voting at general
meetings. |
| |
81. | The
requisition: |
| (a) | must
be in writing and state the objects of the meeting; |
| (b) | must
be signed by each requisitionist and deposited at the Registered Office; and |
| (c) | may
consist of several documents in like form each signed by one or more requisitionists. |
82. | If
the Directors do not within twenty-one (21) days from the date of the deposit of the requisition
duly proceed to convene a general meeting, the requisitionists, or any of them representing
more than one-half of the total voting rights of all of them, may themselves convene a general
meeting, but any meeting so convened shall not be held no later than the day which falls
three months after the expiration of the said twenty-one (21) days. |
| |
83. | A
general meeting convened as aforesaid by requisitionists shall be convened in the same manner
as nearly as possible as that in which general meetings are convened by the Directors. A
general meeting may be convened in the Cayman Islands or at such other location, as the Directors
think fit. |
| |
84. | Shareholders
seeking to bring business before the annual general meeting or to nominate candidates for
election as Directors at the annual general meeting must deliver notice to the principal
executive offices of the Company not later than the close of business on the 90th day nor
earlier than the close of business on the 120th day prior to the scheduled date of the annual
general meeting. |
NOTICE
OF GENERAL MEETINGS
85. | Five
(5) calendar days’ notice at least specifying the place, the day and the hour of any
general meeting, and in case of special business the general nature of such business (and
in the case of an annual general meeting specifying the meeting as such), shall be given
in the manner hereinafter mentioned to such persons as are under these Articles or the conditions
of issue of the Shares held by them entitled to receive notices from the Company. If the
Directors determine that prompt Shareholder action is advisable, they may shorten the notice
period for any general meeting to such period as the Directors consider reasonable. |
86. | A
general meeting shall, notwithstanding that it is called by shorter notice than that specified
in the preceding Article, be deemed to have been duly called with regard to the length of
notice if it is so agreed: |
| (a) | in
the case of a meeting called as the annual general meeting by all the Shareholders entitled
to attend and vote thereat; and |
| (b) | in
the case of any other meeting by a majority in number of the Shareholders having a right
to attend and vote at the meeting, being a majority together holding not less than ninety-five
(95) per cent in nominal value of the Shares giving that right. |
87. | In
every notice calling a general meeting, there shall appear with reasonable prominence a statement
that a Shareholder entitled to attend and vote either (i) is entitled to appoint one or more
proxies to attend such meeting and vote instead of such Shareholder and that a proxy need
not also be a Shareholder or (ii) has appointed a proxy who, unless such appointment is revoked,
will attend such meeting and vote on behalf of such Shareholder. |
88. | The
accidental omission to give notice to, or the non-receipt of notice by, any person entitled
to receive notice shall not invalidate the proceedings at any general meeting. |
PROCEEDINGS
AT GENERAL MEETINGS
89. | All
business shall be deemed special that is transacted at an extraordinary general meeting,
and also all business that is transacted at an annual general meeting with the exception
of declaring or approving the payment of dividends, the consideration of the accounts and
balance sheet and the reports of the Directors and Auditors, the election of Directors in
the place of those retiring, the appointment of additional Directors, the fixing of the remuneration
of the Directors and the fixing of the remuneration of the Auditors. |
90. | No
business shall be transacted at any general meeting unless a quorum is present. Save as otherwise
provided in these Articles a quorum shall be the presence, in person or by proxy, of one
or more persons holding at least a majority in par value of the issued Shares which confer
the right to attend and vote thereat. |
91. | Save
as otherwise provided for in these Articles, if within half an hour from the time appointed
for the meeting a quorum is not present, the meeting, if convened on the requisition of or
by Shareholders, shall be dissolved. In any other case it shall stand adjourned to the same
day in the next week, at the same time and place or to such other day and at such other time
and place as the Directors may determine and if at such adjourned meeting a quorum is not
present within fifteen (15) minutes from the time appointed for holding the meeting, the
Shareholders present shall be a quorum. |
92. | A
person may, with the consent of the Directors, participate at a general meeting by means
of telephone, video or similar communication equipment by way of which all persons participating
in such meeting can hear each other and such participation shall be deemed to constitute
presence in person at such meeting. |
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93. | The
Chairperson (if any) or, if absent, the Deputy Chairperson (if any) of the Board of Directors,
or, failing him or her, some other Director nominated by the Directors shall preside as Chairperson
at every general meeting, but if at any meeting neither the Chairperson nor the Deputy Chairperson
nor such other Director be present within fifteen (15) minutes after the time appointed for
holding the meeting, or if neither of them be willing to act as Chairperson, the Directors
present shall choose some Director present to be Chairperson or if no Directors be present,
or if all the Directors present decline to take the chair, the Shareholders present shall
choose some Shareholder present to be Chairperson. |
| |
94. | The
Chairperson may with the consent of any meeting at which a quorum is present (and shall if
so directed by the meeting) adjourn the meeting from time to time and from place to place
but no business shall be transacted at any adjourned meeting except business which might
lawfully have been transacted at the meeting from which the adjournment took place. The Chairperson
may adjourn any meeting without the consent of such meeting if, in his sole opinion, he considers
it necessary to do so to: secure the orderly conduct or proceedings of the meeting; or give
all persons present in person or by proxy and having the right to speak and/or vote at such
meeting, the ability to do so, but no business shall be transacted at any adjourned meeting
other than the business left unfinished at the meeting from which the adjournment took place.
When a meeting is adjourned for thirty (30) days or more, five (5) calendar days’ notice
at the least specifying the place, the day and the hour of the adjourned meeting, shall be
given as in the case of the original meeting but it shall not be necessary to specify in
such notice the nature of the business to be transacted at the adjourned meeting. Save as
aforesaid, it shall not be necessary to give any notice of an adjournment or of the business
to be transacted at an adjourned meeting. |
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95. | The
Directors may cancel or postpone any duly convened general meeting at any time prior to such
meeting, except for general meetings requisitioned by the Shareholders in accordance with
these Articles, for any reason or for no reason at any time prior to the time for holding
such meeting or, if the meeting is adjourned, the time for holding such adjourned meeting.
The Directors shall give the Shareholders notice in writing of any cancellation or postponement.
A postponement may be for a stated period of any length or indefinitely as the Directors
may determine. |
| |
96. | At
any general meeting, a resolution put to the vote of the meeting shall be decided on a show
of hands unless a poll is, before or on the declaration of the result of the show of hands,
demanded by the Chairperson or any other Shareholder present in person or by proxy. |
| |
97. | Unless
a poll be so demanded, a declaration by the Chairperson that a resolution has on a show of
hands been carried, or carried unanimously, or by a particular majority, or lost, and an
entry to that effect made in the Company’s minute book containing the minutes of the
proceedings of the meeting, shall be conclusive evidence of the fact without proof of the
number or the proportion of the votes recorded in favour of or against such resolution. |
98. | If
a poll is duly demanded it shall be taken in such manner and at such place as the Chairperson
may direct (including the use of a ballot or voting papers, or tickets) and the result of
a poll shall be deemed to be the resolution of the meeting at which the poll was demanded.
The Chairperson may, in the event of a poll, appoint scrutineers and may adjourn the meeting
to some place and time fixed by the Chairperson for the purpose of declaring the result of
the poll. |
| |
99. | In
the case of an equality of votes, whether on a show of hands or on a poll, the Chairperson
of the meeting at which the show of hands or at which the poll is taken, shall not be entitled
to a second or casting vote. |
| |
100. | A
poll demanded on the election of a Chairperson and a poll demanded on a question of adjournment
shall be taken forthwith. A poll demanded on any other question shall be taken at such time
and place as the Chairperson directs not being more than ten days from the date of the meeting
or adjourned meeting at which the poll was demanded. |
| |
101. | The
demand for a poll shall not prevent the continuance of a meeting for the transaction of any
business other than the question on which the poll has been demanded. |
| |
102. | A
demand for a poll may be withdrawn and no notice need be given of a poll not taken immediately. |
VOTES
OF SHAREHOLDERS
103. | Subject
to any rights or restrictions attached to any Shares,
on a show of hands every holder of Shares present and entitled
to vote thereon shall have one vote. On a poll every holder of Shares, present in person
or by proxy and entitled to vote thereon, shall be entitled to one vote in respect of each
Share held by them. |
| |
104. | In
the case of joint holders of a Share, the vote of the senior holder who tenders a vote, whether
in person or by proxy, shall be accepted to the exclusion of the votes of the other joint
holders, and for this purpose seniority shall be determined by the order in which the names
stand in the Register of Members in respect of the Shares. |
| |
105. | A
Shareholder who has appointed special or general attorneys or a Shareholder who is subject
to a disability may vote on a poll, by such Shareholder’s attorney, committee, receiver,
curator bonis or other person in the nature of a committee, receiver, or curator bonis appointed
by a court and such attorney, committee, receiver, curator bonis or other person may on a
poll vote by proxy; provided that such evidence as the Directors may require of the authority
of the person claiming to vote shall, unless otherwise waived by the Directors, have been
deposited at the Registered Office not less than forty-eight (48) hours before the time for
holding the meeting or adjourned meeting at which such person claims to vote. |
| |
106. | No
objection shall be raised to the qualification of any voter except at the meeting or adjourned
meeting at which the vote objected to is given or tendered, and every vote not disallowed
at such meeting shall be valid for all purposes. Any such objection made in due time shall
be referred to the Chairperson of the meeting, whose decision shall be final and conclusive. |
107. | On
a poll votes may be given either personally or by proxy and a Shareholder entitled to more
than one vote need not, if the Shareholder votes, use all their votes or cast all the votes
the Shareholder uses in the same way. |
| |
108. | The
instrument appointing a proxy shall be in writing under the hand of the appointor or of the
appointor’s attorney duly authorised in writing, or if the appointor is a corporation,
either under its common seal or under the hand of an officer or attorney so authorised. |
| |
109. | Any
person (whether a Shareholder or not) may be appointed to act as a proxy. A Shareholder may
appoint more than one proxy to attend on the same occasion. |
| |
110. | The
instrument appointing a proxy and the power of attorney or other authority (if any) under
which it is signed, or a certified copy of such power or authority, must be deposited at
the Registered Office, or at such other place as is specified for that purpose in the notice
of meeting or in the instrument of proxy issued by the Company, no later than the time appointed
for holding the meeting or adjourned meeting; provided that the Chairperson of the meeting
may in the Chairperson’s discretion accept an instrument of proxy sent by fax, email
or other electronic means. |
111. | An
instrument of proxy shall: |
| (a) | be
in any common form or in such other form as the Directors may approve; |
| | |
| (b) | be
deemed to confer authority to demand or join in demanding a poll and to vote on any amendment
of a resolution put to the general meeting for which it is given as the proxy thinks fit;
and |
| | |
| (c) | subject
to its terms, be valid for any adjournment of the general meeting for which it is given. |
112. | The
Directors may at the expense of the Company send to the Shareholders instruments of proxy
(with or without prepaid postage for their return) for use at any general meeting, either
in blank or nominating in the alternative any one or more of the Directors or any other persons.
If for the purpose of any meeting invitations to appoint as proxy a person or one of a number
of persons specified in the invitations are issued at the expense of the Company, such invitations
shall be issued to all (and not to some only) of the Shareholders entitled to be sent a notice
of the meeting and to vote thereat by proxy. |
| |
113. | A
vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding
the death or insanity of the principal or the revocation of the instrument of proxy, or of
the authority under which the instrument of proxy was executed; provided that no intimation
in writing of such death, insanity, revocation or transfer shall have been received by the
Company at the Registered Office before commencement of the meeting or adjourned meeting
at which the instrument of proxy is used. |
114. | Anything
which under these Articles a Shareholder may do by proxy that Shareholder may also do by
a duly appointed attorney. The provisions of these Articles relating to proxies and instruments
appointing proxies apply, mutatis mutandis, to any such attorney and the instrument
appointing that attorney. |
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115. | Any
Shareholder which is a corporation or partnership may, by a resolution of its directors or
other governing body, authorise such person as it thinks fit to act as its representative
at any meeting or meetings of the Company. The person so authorised shall be entitled to
exercise the same powers on behalf of such corporation or partnership as the corporation
or partnership could exercise if it were a Shareholder who was an individual and such corporation
or partnership shall for the purposes of these Articles be deemed to be present in person
at any such meeting if a person so authorised is present. |
CLEARING
HOUSES
116. | If
a clearing house (or its nominee(s)), being a corporation, is a Shareholder it may, by resolution
of its directors or other governing body or by power of attorney, authorise such person or
persons as it thinks fit to act as its representative or representatives at any general meeting
or at any meeting of any class of Shareholders provided that, if more than one person is
so authorised, the authorisation shall specify the number and class of Shares in respect
of which each such person is so authorised. A person so authorised pursuant to this Article
shall be entitled to exercise the same powers on behalf of the clearing house (or its nominee)
which that person represents as that clearing house (or its nominee) could exercise if it
were an individual Shareholder holding the number and Class of Shares specified in such authorisation. |
WRITTEN
RESOLUTIONS OF SHAREHOLDERS
117. | A
resolution in writing signed by all the Shareholders for the time being entitled to receive
notice of, attend and vote at a general meeting shall be as valid and effective as a resolution
passed at a general meeting duly convened and held and may consist of several documents in
the like form each signed by one or more of the Shareholders. |
DIRECTORS
118. | There
shall be a Board of Directors consisting of not less than one person (exclusive of alternate
Directors), provided, however, that the Company may from time to time by Ordinary Resolution
increase or reduce the limits in the number of Directors. |
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119. | A
Director need not be a Shareholder but shall be entitled to receive notice of and attend
all general meetings. |
120. | Prior
to the consummation of an initial Business Combination, the Company may by Ordinary Resolution
of the holders of the Class B Shares (only) appoint any person to be a Director or remove
any Director for any reason. For the avoidance of doubt: |
| (a) | prior
to the consummation of an initial Business Combination, holders of Class A Shares shall have
no right to vote on the appointment or removal of any Director; provided, however, that if
all of the Class B Shares are converted prior to the date of the initial Business Combination,
the holders of Class A Shares will have the right to vote on the election of Directors; and
|
| | |
| (b) | following
the consummation of an initial Business Combination, the Company may by Ordinary Resolution
(of all Shareholders entitled to vote) appoint or remove any Director in accordance with
these Articles. |
121. | For
so long as any of the Shares are traded on a Designated Stock Exchange, the Directors shall
be divided into three (3) classes designated as Class I, Class II and Class III, respectively.
Directors shall be assigned to each class in accordance with a resolution or resolutions
adopted by the Board of Directors. At the first annual general meeting after the IPO, the
term of office of the Class I Directors shall expire and Class I Directors shall be elected
for a full term of three (3) years. At the second annual general meeting after the IPO, the
term of office of the Class II Directors shall expire and Class II Directors shall be elected
for a full term of three (3) years. At the third annual general meeting after the IPO, the
term of office of the Class III Directors shall expire and Class III Directors shall be elected
for a full term of three (3) years. At each succeeding annual general meeting, Directors
shall be elected for a full term of three (3) years to succeed the Directors of the class
whose terms expire at such annual general meeting. Notwithstanding the foregoing provisions
of this Article, each Director shall hold office until the expiration of his or her term,
until his or her successor shall have been duly elected and qualified or until his or her
earlier death, resignation or removal. No decrease in the number of Directors constituting
the Board of Directors shall shorten the term of any incumbent Director. The term limits
in this Article shall not apply to any Directors appointed prior to the first annual general
meeting. |
| |
122. | The
Directors may appoint any person to be a Director, either to fill a vacancy or as an additional
Director; provided that the appointment does not cause the number of Directors to exceed
any number fixed by or in accordance with these Articles as the maximum number of Directors.
Any Director appointed in accordance with the preceding sentence shall hold office for the
remainder of the full term of the class of Directors in which the new directorship was created
or the vacancy occurred and until such Director’s successor shall have been duly elected
and qualified or until his or her earlier resignation, death or removal. When the number
of Directors is increased or decreased, the Board of Directors shall, subject to Article
121, determine the class or classes to which the increased or decreased number of Directors
shall be apportioned; provided, however, that no decrease in the number of Directors shall
shorten the term of any incumbent Director. |
123. | Each
Director shall be entitled to such remuneration as approved by the Board of Directors and
this may be in addition to such remuneration as may be payable under any provision of these
Articles. Such remuneration shall be deemed to accrue from day to day. The Directors and
the Secretary may also be paid all travelling, hotel and other expenses properly incurred
by them in attending and returning from meetings of the Directors or any committee of the
Directors or general meetings or in connection with the business of the Company. The Directors
may in addition to such remuneration as aforesaid grant special remuneration to any Director
who, being called upon, shall perform any special or extra services to or at the request
of the Company. |
| |
124. | Articles
120 and 128(g) may only be amended by a Special Resolution passed by a majority of not less
than two-thirds of the votes cast at a general meeting including a simple majority of the
holders of Class B Shares (and if the Shareholders vote in favour of such amendment but the
approval of a simple majority of the holders of Class B Shares has not yet been obtained,
the holders of a simple majority of Class B Shares shall have, in such vote, voting rights
equal to the aggregate voting power of all the Shareholders who voted in favour of the resolution
plus one). |
| |
125. | Each
Director shall have the power to nominate another Director or any other person to act as
alternate Director in the Director’s place at any meeting of the Directors at which
the Director is unable to be present and at the Director’s discretion to remove such
alternate Director. On such appointment being made the alternate Director shall (except as
regards the power to appoint an alternate Director) be subject in all respects to the terms
and conditions existing with reference to the other Directors and each alternate Director,
whilst acting in the place of an absent Director, shall exercise and discharge all the functions,
powers and duties of the Director being represented. Any Director who is appointed as alternate
Director shall be entitled at a meeting of the Directors to cast a vote on behalf of their
appointor in addition to the vote to which such Director is entitled in their own capacity
as a Director, and shall also be considered as two Directors for the purpose of making a
quorum of Directors. Any person appointed as an alternate Director shall automatically vacate
such office as an alternate Director if and when the Director by whom the alternate Director
has been appointed vacates their office of Director. The remuneration of an alternate Director
shall be payable out of the remuneration of the Director appointing such alternate Director
and shall be agreed between them. |
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126. | Every
instrument appointing an alternate Director shall be in such common form as the Directors
may approve. |
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127. | The
appointment and removal of an alternate Director shall take effect when lodged at the Registered
Office or delivered at a meeting of the Directors. |
| |
128. | The
office of a Director shall be vacated in any of the following events namely: |
| (a) | if
the Director resigns their office by notice in writing signed by that Director and left at
the Registered Office; |
| | |
| (b) | if
the Director is absent (for the avoidance of doubt, without being represented by proxy or
an alternate Director appointed by that Director) from three consecutive meetings of the
Board of Directors without special leave of absence from the Directors, and the Directors
pass a resolution that the relevant Director has by reason of such absence vacated office; |
| (c) | if
the Director becomes bankrupt or makes any arrangement or composition with such Director’s
creditors generally; |
| | |
| (d) | if
the Director dies or is found to be or becomes of unsound mind; |
| | |
| (e) | if
the Director ceases to be a Director by virtue of, or becomes prohibited from being a Director
by reason of, an order made under any provisions of any law or enactment; |
| | |
| (f) | if
the Director is requested by all of the other Directors to vacate office; |
| | |
| (g) | prior
to the consummation of an initial Business Combination, if the Director is removed from office
by Ordinary Resolution of the holders of the Class B Shares (only); or |
| | |
| (h) | following
the consummation of an initial Business Combination, if the Director is removed from office
by Ordinary Resolution (of all Shareholders entitled to vote). |
TRANSACTIONS
WITH DIRECTORS
129. | A
Director or alternate Director may hold any other office or place of profit under the Company
(other than the office of Auditor) in conjunction with their office of Director on such terms
as to tenure of office and otherwise as the Directors may determine. |
| |
130. | No
Director or intending Director shall be disqualified by their office from contracting with
the Company either as vendor, purchaser or otherwise, nor shall any such contract or any
contract or arrangement entered into by or on behalf of the Company in which any Director
is in any way interested be liable to be avoided, nor shall any Director so contracting or
being so interested be liable to account to the Company for any profit realised by any such
contract or arrangement by reason of such Director holding that office or of the fiduciary
relationship thereby established, but the nature of the Director’s interest must be
declared by such Director at the meeting of the Directors at which the question of entering
into the contract or arrangement is first taken into consideration, or if the Director was
not at the date of that meeting interested in the proposed contract or arrangement, then
at the next meeting of the Directors held after such Director becomes so interested, and
in a case where the Director becomes interested in a contract or arrangement after it is
made, then at the first meeting of the Directors held after such Director becomes so interested. |
| |
131. | In
the absence of some other material interest than is indicated below, provided a Director
who is in any way, whether directly or indirectly, interested in a contract or proposed contract
with the Company declares (whether by specific or general notice) the nature of their interest
at a meeting of the Directors that Director may vote in respect of any contract or proposed
contract or arrangement notwithstanding that the Director may be interested therein and if
such Director does so their vote shall be counted and such Director may be counted in the
quorum at any meeting of the Directors at which any such contract or proposed contract or
arrangement shall come before the meeting for consideration. |
132. | Where
proposals are under consideration concerning the appointment (including fixing or varying
the terms of appointment) of two or more Directors to offices or employments with the Company
or any company in which the Company is interested, such proposals may be divided and considered
in relation to each Director separately and in such cases each of the Directors concerned
shall be entitled to vote (and be counted in the quorum) in respect of each resolution except
that concerning the Director’s own appointment. |
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133. | Any
Director may act by independently or through the Director’s firm in a professional
capacity for the Company, and the Director or the firm shall be entitled to remuneration
for professional services as if the Director were not a Director, provided that nothing herein
contained shall authorise a Director or the Director’s firm to act as Auditor to the
Company. |
| |
134. | Any
Director may continue to be or become a director, managing director, manager or other officer
or shareholder of any company promoted by the Company or in which the Company may be interested,
and no such Director shall be accountable for any remuneration or other benefits received
by the Director as a director, managing director, manager or other officer or shareholder
of any such other company. The Directors may exercise the voting power conferred by the shares
in any other company held or owned by the Company or exercisable by them as directors of
such other company, in such manner in all respects as they think fit (including the exercise
thereof in favour of any resolution appointing themselves or any of them directors, managing
directors or other officers of such company, or voting or providing for the payment of remuneration
to the directors, managing directors or other officers of such company). |
POWERS
OF DIRECTORS
135. | The
business of the Company shall be managed by the Directors, who may exercise all such powers
of the Company as are not by the Companies Act or by these Articles required to be exercised
by the Company in general meeting, subject nevertheless to any regulations of these Articles,
to the Companies Act, and to such regulations being not inconsistent with the aforesaid regulations
or provisions as may be prescribed by the Company in general meeting, but no regulations
made by the Company in general meeting shall invalidate any prior act of the Directors which
would have been valid if such regulations had not been made. The general powers given by
this Article shall not be limited or restricted by any special authority or power given to
the Directors by any other Article. |
| |
136. | The
Directors may from time to time and at any time by power of attorney appoint any company,
firm or person or any fluctuating body of persons, whether nominated directly or indirectly
by the Directors, to be the attorney or attorneys of the Company for such purposes and with
such powers authorities and discretions (not exceeding those vested in or exercisable by
the Directors under these Articles) and for such period and subject to such conditions as
they may think fit, and any such appointment may contain such provisions for the protection
and convenience of persons dealing with any such attorneys as the Directors may think fit,
and may also authorise any such attorney to sub-delegate all or any of the powers, authorities
and discretions vested in such attorney. The Directors may also appoint any person to be
the agent of the Company for such purposes and with such powers, authorities and discretions
(not exceeding those vested in or exercisable by the Directors under these Articles) and
for such period and on such conditions as they determine, including authority for the agent
to delegate all or any of their powers. |
137. | The
Directors on behalf of the Company may pay a gratuity or pension or allowance on retirement
to any Director who has held any other salaried office or place of profit with the Company
or to the Director’s widow or dependants and may make contributions to any fund and
pay premiums for the purchase or provision of any such gratuity, pension or allowance. |
| |
138. | The
Directors may exercise all the powers of the Company to borrow money and to mortgage or charge
its undertaking, property and assets (present and future) and uncalled capital or any part
thereof and to issue debentures, debenture stock, mortgages, bonds and other such securities
whether outright or as security for any debt, liability or obligation of the Company or of
any third party. |
| |
139. | The
Directors shall have the authority to present a winding up petition on behalf of the Company
without the sanction of a resolution passed by the Company in general meeting. |
| |
140. | All
cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable
instruments drawn by the Company, and all receipts for monies paid to the Company shall be
signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner
as the Directors shall from time to time by resolution determine. |
PROCEEDINGS
OF DIRECTORS
141. | The
Directors may meet together for the dispatch of business, adjourn and otherwise regulate
their meetings, as they think fit. Questions and matters arising at any meeting shall be
determined by a majority of votes. In the case of an equality of votes, the Chairperson shall
have a second or casting vote. A Director may, and the Secretary on the requisition of a
Director shall, at any time summon a meeting of the Directors. |
| |
142. | A
Director or Directors may participate in any meeting of the Board, or of any committee appointed
by the Board of Directors of which such Director or Directors are members, by means of telephone,
video or similar communication equipment by way of which all persons participating in such
meeting can hear each other and such participation shall be deemed to constitute presence
in person at the meeting. |
| |
143. | The
quorum necessary for the transaction of the business of the Directors may be fixed by the
Directors and, unless so fixed, shall be a majority of the Directors then in office. |
| |
144. | The
continuing Directors or a sole continuing Director may act notwithstanding any vacancies
in their number, but if and so long as the number of Directors is reduced below the minimum
number fixed by or in accordance with these Articles the continuing Directors or Director
may act for the purpose of filling up vacancies in their number, or of summoning general
meetings, but not for any other purpose. If there be no Directors or Director able or willing
to act, then any two Shareholders may summon a general meeting for the purpose of appointing
Directors. |
145. | The
Directors may from time to time elect and remove a Chairperson and, if they think fit, a
Deputy Chairperson and determine the period for which they respectively are to hold office.
The Chairperson or, failing him or her, the Deputy Chairperson shall preside at all meetings
of the Directors, but if there be no Chairperson or Deputy Chairperson, or if at any meeting
the Chairperson or Deputy Chairperson be not present within five (5) minutes after the time
appointed for holding the same, the Directors present may choose one of their number to be
Chairperson of the meeting. |
| |
146. | A
meeting of the Directors for the time being at which a quorum is present shall be competent
to exercise all powers and discretions for the time being exercisable by the Directors. |
| |
147. | Without
prejudice to the powers conferred by these Articles, the Directors may delegate any of their
powers to committees consisting of such member or members of their body as they think fit.
Any committee so formed shall, in the exercise of the powers so delegated, conform to any
regulations that may be imposed on them by the Directors. The Directors may, by power of
attorney or otherwise, appoint any person to be an agent of the Company on such condition
as the Directors may determine, provided that the delegation is not to the exclusion of their
own powers. |
| |
148. | The
meetings and proceedings of any such committee consisting of two or more Directors shall
be governed by the provisions of these Articles regulating the meetings and proceedings of
the Directors so far as the same are applicable and are not superseded by any regulations
made by the Directors under the preceding Article. |
| |
149. | The
Directors may appoint such officers as they consider necessary on such terms, at such remuneration
and to perform such duties, and subject to such provisions as to disqualification and removal
as the Directors may think fit. Unless otherwise specified in the terms of the officer’s
appointment an officer may be removed by resolution of the Directors or Shareholders. |
| |
150. | All
acts done by any meeting of Directors, or of a committee of Directors or by any person acting
as a Director, shall, notwithstanding it be afterwards discovered that there was some defect
in the appointment of any such Director or person acting as aforesaid, or that they or any
of them were disqualified, or had vacated office, or were not entitled to vote, be as valid
as if every such person had been duly appointed, and was qualified and had continued to be
a Director and had been entitled to vote. |
| |
151. | The
Directors shall cause minutes to be made of: |
| (a) | all
appointments of officers made by the Directors; |
| (b) | the
names of the Directors present at each meeting of the Directors and of any committee of Directors;
and |
| | |
| (c) | all
resolutions and proceedings of all meetings of the Company and of the Directors and of any
committee of Directors. |
Any
such minutes, if purporting to be signed by the Chairperson of the meeting at which the proceedings took place, or by the Chairperson
of the next succeeding meeting, shall, until the contrary be proved, be conclusive evidence of their proceedings.
152. | A
Director but not an alternate Director may be represented at any meetings of the Board of
Directors by a proxy appointed in writing by the Director. The proxy shall count towards
the quorum and the vote of the proxy shall for all purposes be deemed to be that of the appointing
Director. |
WRITTEN
RESOLUTIONS OF DIRECTORS
153. | A
resolution in writing signed by all the Directors for the time being entitled to attend and
vote at a meeting of the Directors (an alternate Director being entitled to sign such a resolution
on behalf of their appointor) shall be as valid and effective as a resolution passed at a
meeting of the Directors duly convened and held and may consist of several documents in the
like form each signed by one or more of the Directors (or their alternates). |
PRESUMPTION
OF ASSENT
154. | A
Director or alternate Director who is present at a meeting of the Board of Directors at which
action on any Company matter is taken shall be presumed to have assented to the action taken
unless the Director’s dissent shall be entered in the minutes of the meeting or unless
the Director shall file his or her written dissent from such action with the person acting
as the secretary of the meeting before the adjournment thereof or shall forward such dissent
by registered mail to such person immediately after the adjournment of the meeting. Such
right to dissent shall not apply to a Director who voted in favour of such action. |
BORROWING
POWERS
155. | The
Directors may exercise all the powers of the Company to borrow money and hypothecate, mortgage,
charge or pledge its undertaking, property, and assets or any part thereof, and to issue
debentures, debenture stock or other securities, whether outright or as collateral security
for any debt liability or obligation of the Company or of any third party. |
SECRETARY
156. | The
Directors may appoint any person to be a Secretary who shall hold office for such term, at
such remuneration and upon such conditions and with such powers as they think fit. Any Secretary
so appointed by the Directors may be removed by the Directors or by the Company by Ordinary
Resolution. Anything required or authorised to be done by or to the Secretary may, if the
office is vacant or there is for any other reason no Secretary capable of acting, be done
by or to any assistant or deputy Secretary or if there is no assistant or deputy Secretary
capable of acting, by or to any officer of the Company authorised generally or specially
in that behalf by the Directors, provided that any provisions of these Articles requiring
or authorising a thing to be done by or to a Director and the Secretary shall not be satisfied
by its being done by or to the same person acting both as Director and as, or in the place
of, the Secretary. |
157. | No
person shall be appointed or hold office as Secretary who is: |
| (a) | the
sole Director; or |
| | |
| (b) | a
corporation the sole director of which is the sole Director; or |
| | |
| (c) | the
sole director of a corporation which is the sole Director. |
THE
SEAL
158. | The
Directors shall provide for the safe custody of the Seal and the Seal shall never be used
except by the authority of a resolution of the Directors or of a committee of the Directors
authorised by the Directors in that behalf. The Directors may keep for use outside the Cayman
Islands a duplicate Seal. The Directors may from time to time as they see fit (subject to
the provisions of these Articles relating to share certificates) determine the persons and
the number of such persons in whose presence the Seal or the facsimile thereof shall be used,
and until otherwise so determined the Seal or the duplicate thereof shall be affixed in the
presence of any one Director or the Secretary, or of some other person duly authorised by
the Directors. |
Dividends,
Distributions and Reserves
159. | Subject
to the Companies Act, these Articles, and the special rights attaching to Shares of any class,
the Directors may, in their absolute discretion, declare dividends and distributions on Shares
in issue and authorise payment of the dividends or distributions out of the funds of the
Company lawfully available therefor. No dividend or distribution shall be paid except out
of the realised or unrealised profits of the Company, or out of the Share Premium Account,
or as otherwise permitted by the Companies Act. |
| |
160. | Except
as otherwise provided by the rights attached to Shares, or as otherwise determined by the
Directors, all dividends and distributions in respect of Shares shall be declared and paid
according to the par value of the Shares that a Shareholder holds. If any Share is issued
on terms providing that it shall rank for dividend or distribution as from a particular date,
that Share shall rank for dividend or distribution accordingly. |
| |
161. | The
Directors may deduct and withhold from any dividend or distribution otherwise payable to
any Shareholder all sums of money (if any) then payable by the Shareholder to the Company
on account of calls or otherwise or any monies which the Company is obliged by law to pay
to any taxing or other authority. |
162. | The
Directors may declare that any dividend or distribution be paid wholly or partly by the distribution
of specific assets and in particular of shares, debentures or securities of any other company
or in any one or more of such ways and, where any difficulty arises in regard to such distribution,
the Directors may settle the same as they think expedient and in particular may issue fractional
Shares and fix the value for distribution of such specific assets or any part thereof and
may determine that cash payments shall be made to any Shareholder upon the basis of the value
so fixed in order to adjust the rights of all Shareholders and may vest any such specific
assets in trustees as may seem expedient to the Directors. |
| |
163. | Any
dividend, distribution, interest or other monies payable in cash in respect of Shares may
be paid by wire transfer to the holder or by cheque or warrant sent through the post directed
to the registered address of the holder or, in the case of joint holders, to the registered
address of the holder who is first named on the Register of Members or to such person and
to such address as such holder or joint holders may in writing direct. Every such cheque
or warrant shall (unless the Directors in their sole discretion otherwise determine) be made
payable to the order of the person to whom it is sent. Any one of two or more joint holders
may give effectual receipts for any dividends, bonuses, or other monies payable in respect
of the Share held by them as joint holders. |
| |
164. | Any
dividend or distribution which cannot be paid to a Shareholder and/or which remains unclaimed
after six (6) months from the date of declaration of such dividend or distribution may, in
the discretion of the Directors, be paid into a separate account in the Company’s name,
provided that the Company shall not be constituted as a trustee in respect of that account
and the dividend or distribution shall remain as a debt due to the Shareholder. Any dividend
or distribution which remains unclaimed after a period of six years from the date of declaration
of such dividend or distribution shall be forfeited and shall revert to the Company. |
| |
165. | No
dividend or distribution shall bear interest against the Company. |
SHARE
PREMIUM ACCOUNT
166. | The
Directors shall establish an account on the books and records of the Company to be called
the Share Premium Account and shall carry to the credit of such account from time to time
a sum equal to the amount or value of the premium paid on the issue of any Share. |
ACCOUNTS
167. | The
Directors shall cause proper books of account to be kept with respect to all sums of money
received and expended by the Company and the matters in respect of which the receipt or expenditure
takes place, all sales and purchases of goods by the Company and the assets and liabilities
of the Company. Proper books shall not be deemed to be kept if there are not kept such books
of account as are necessary to give a true and fair view of the state of the Company’s
affairs and to explain its transactions. |
| |
168. | The
books of account shall be kept at the Registered Office or at such other place as the Directors
think fit, and shall always be open to inspection by the Directors. |
| |
169. | The
Board of Directors shall from time to time determine whether and to what extent and at what
time and places and under what conditions or articles the accounts and books of the Company
or any of them shall be open to the inspection of Shareholders not being Directors, and no
Shareholder (not being a Director) shall have any right of inspection of any account or book
or document of the Company except as conferred by law or authorised by the Board of Directors
or by resolution of the Shareholders. |
AUDIT
170. | The
accounts relating to the Company’s affairs shall be audited in such manner as may be
determined from time to time by resolution of the Shareholders or failing any such determination,
by the Board of Directors, or failing any determination as aforesaid, shall not be audited. |
| |
171. | Without
prejudice to the freedom of the Directors to establish any other committee, if any of the
Shares (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange,
and if required by the Designated Stock Exchange, the Directors shall establish and maintain
an audit committee (the Audit
Committee) as a committee of the Board of Directors and
shall adopt a formal written audit committee charter and review and assess the adequacy of
the formal written charter on an annual basis. The composition and responsibilities of the
Audit Committee shall comply with the rules and regulations of the SEC and the Designated
Stock Exchange. The Audit Committee shall meet at least once every financial quarter, or
more frequently as circumstances dictate. |
| |
172. | If
any of the Shares (or depositary receipts therefor) are listed or quoted on the Designated
Stock Exchange, the Company shall conduct an appropriate review of all related party transactions
on an ongoing basis and shall utilise the Audit Committee for the review and approval of
potential conflicts of interest. |
| |
173. | The
remuneration of the Auditor shall be fixed by the Audit Committee, if one exists, and otherwise
by the Board of Directors. |
| |
174. | Any
payment made to members of the Audit Committee (if one exists) shall require the review and
approval of the Directors, with any Director interested in such payment abstaining from such
review and approval. |
| |
175. | The
Audit Committee shall monitor compliance with the terms of the IPO and, if any non-compliance
is identified, the Audit Committee shall be charged with the responsibility to take all action
necessary to rectify such non-compliance or otherwise cause compliance with the terms of
the IPO. |
NOTICES
176. | Any
notice or document may be served by the Company on any Shareholder: |
| (b) | by
registered post or courier to that Shareholder’s address as appearing in the Register
of Members; or |
| (c) | by
cable, telex, facsimile, e-mail or any other electronic means should the Directors deem it
appropriate. |
177. | In
the case of joint holders of a Share, all notices shall be given to that one of the joint
holders whose name stands first in the Register of Members in respect of the joint holding,
and notice so given shall be sufficient notice to all the joint holders. |
| |
178. | Any
Shareholder present, either personally or by proxy, at any meeting of the Company shall for
all purposes be deemed to have received due notice of such meeting and, where requisite,
of the purposes for which such meeting was convened. |
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179. | Any
summons, notice, order or other document required to be sent to or served upon the Company,
or upon any officer of the Company may be sent or served by leaving the same or sending it
through the post in a prepaid letter envelope or wrapper, addressed to the Company or to
such officer at the Registered Office. |
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180. | Where
a notice or other document is sent by registered post, service of that notice or other document
shall be deemed to be effected by properly addressing, pre-paying and posting an envelope
containing it, and that notice or other document shall be deemed to have been received on
the third day (not including Saturdays or Sundays or public holidays) following the day on
which it was posted. Where a notice or other document is sent by courier, service of that
notice or other document shall be deemed to be effected by delivery of the notice or other
document to a courier company, and that notice or other document shall be deemed to have
been received on the fifth day (not including Saturdays or Sundays or public holidays in
the Cayman Islands) following the day on which it was delivered to the courier company. Where
a notice or other document is sent by cable, telex or facsimile, service of that notice or
other document shall be deemed to be effected by properly addressing and sending it, and
that notice or other document shall be deemed to have been received on the same day that
it was transmitted. Where a notice or other document is sent by email, service of that notice
or other document shall be deemed to be effected by transmitting the email to the email address
provided by the intended recipient and that notice or other document shall be deemed to have
been received on the same day that it was sent, and it shall not be necessary for the receipt
of the email to be acknowledged by the recipient. |
| |
181. | Any
notice or document delivered or sent by post to or left at the registered address of any
Shareholder in pursuance of these Articles shall notwithstanding that such Shareholder be
then dead, insane, bankrupt or dissolved, and whether or not the Company has notice of such
death, insanity, bankruptcy or dissolution, be deemed to have been duly served in respect
of any Share registered in the name of such Shareholder as sole or joint holder, unless the
Shareholder’s name shall at the time of the service of the notice or document, have
been removed from the Register of Members as the holder of the Share, and such service shall
for all purposes be deemed a sufficient service of such notice or document on all persons
interested (whether jointly with or as claiming through or under such Shareholder) in the
Share. |
WINDING
UP AND FINAL DISTRIBUTION OF ASSETS
182. | If
the Company shall be wound up the liquidator shall apply the assets of the Company in satisfaction
of creditors’ claims in such manner and order as such liquidator thinks fit. |
| |
183. | If
the Company shall be wound up, and the assets available for distribution amongst the Shareholders
shall be insufficient to repay the whole of the share capital, such assets shall be distributed
so that, as nearly as may be, the losses shall be borne by the Shareholders in proportion
to the par value of the Shares held by them. If in a winding up the assets available for
distribution amongst the Shareholders shall be more than sufficient to repay the whole of
the share capital at the commencement of the winding up, the surplus shall be distributed
amongst the Shareholders in proportion to the par value of the Shares held by them at the
commencement of the winding up subject to a deduction from those Shares in respect of which
there are monies due of all monies payable to the Company for unpaid calls or otherwise.
This Article is without prejudice to the rights of the holders of Shares issued upon special
terms and conditions. |
| |
184. | If
the Company shall be wound up (whether the liquidation is voluntary, under supervision or
by the Court) the liquidator may, with the authority of a Special Resolution, divide among
the Shareholders in specie the whole or any part of the assets of the Company, and whether
or not the assets shall consist of property of a single kind, and may for such purposes set
such value as the liquidator deems fair upon any one or more class or classes of property,
and may determine how such division shall be carried out as between the Shareholders. The
liquidator may, with the like authority, vest any part of the assets in trustees upon such
trusts for the benefit of Shareholders as the liquidator, with the like authority, shall
think fit, and the liquidation of the Company may be closed and the Company dissolved, but
so that no Shareholder shall be compelled to accept any Shares in respect of which there
is liability. |
INDEMNITY
185. | Every
Director or officer of the Company shall be indemnified out of the assets of the Company
against any liability incurred by that Director or officer as a result of any act or failure
to act in carrying out their functions other than such liability (if any) that the Director
or officer may incur by their own actual fraud, wilful default or wilful neglect. No such
Director or officer shall be liable to the Company for any loss or damage in carrying out
their functions unless that liability arises through the actual fraud, wilful default or
wilful neglect of such Director or officer. References in this Article to actual fraud, wilful
default or wilful neglect mean a finding to such effect by a competent court in relation
to the conduct of the relevant party. |
| |
186. | The
Directors shall have the power to purchase and maintain insurance for the benefit of any
person who is or was a Director or officer of the Company indemnifying them against any liability
which may lawfully be insured against by the Company. |
DISCLOSURE
187. | Any
Director, officer or authorised agent of the Company shall, if lawfully required to do so
under the laws of any jurisdiction to which the Company is subject or in compliance with
the rules of any stock exchange upon which the Company’s shares are listed or in accordance
with any contract entered into by the Company, be entitled to release or disclose any information
in their possession regarding the affairs of the Company including, without limitation, any
information contained in the Register of Members. |
BUSINESS
COMBINATION
188. | Notwithstanding
any other provision of these Articles, Articles 188 to 199 (the Business
Combination Provisions) shall apply during the period commencing
upon the adoption of these Articles and terminating upon the first to occur of the consummation
of any Business Combination and the distribution of the Trust Account pursuant to these Articles.
In the event of a conflict between the Business Combination Provisions and any other provision
of these Articles, the Business Combination Provisions shall prevail. |
| |
189. | Prior
to the consummation of any Business Combination, the Company shall either: |
| (a) | submit
such Business Combination to the Shareholders for approval; or |
| | |
| (b) | provide
Shareholders with the opportunity to have their Shares repurchased by means of a tender offer
for a per-Share repurchase price payable in cash, equal to the aggregate amount then on deposit
in the Trust Account, calculated as of two business days prior to the consummation of the
Business Combination, including interest earned on the Trust Account and not previously released
to the Company to pay tax obligations, if any (less up to US$100,000 of interest to pay dissolution
expenses), divided by the number of Public Shares then in issue, provided that the Company
shall not repurchase Public Shares in an amount that would cause the Company’s net
tangible assets to be less than US$5,000,001. |
190. | If
the Company initiates any tender offer in accordance with Rule 13e-4 and Regulation 14E of
the US Exchange Act in connection with a Business Combination, it shall file tender offer
documents with the SEC prior to completing such Business Combination which contain substantially
the same financial and other information about such Business Combination and the redemption
rights as is required under Regulation 14A of the US Exchange Act. If, alternatively, the
Company holds a Shareholder vote to approve a proposed Business Combination, the Company
will conduct any redemptions in conjunction with a proxy solicitation pursuant to Regulation
14A of the US Exchange Act, and not pursuant to the tender offer rules, and file proxy materials
with the SEC. |
| |
191. | At
a general meeting called for the purposes of approving a Business Combination pursuant to
these Articles, in the event that a majority of the Shares are voted for the approval of
the Business Combination, the Company shall be authorised to consummate the Business Combination. |
192. | Any
Shareholder holding Public Shares who is not a Founder, Director or officer of the Company
may, contemporaneously with any vote on a Business Combination, elect to have their Public
Shares redeemed for cash (IPO
Redemption), provided that no such Shareholder acting together
with any affiliate or any other person with whom such Shareholder is acting in concert or
as a “group” (as defined under Section 13 of the US Exchange Act) may exercise
this redemption right with respect to more than an aggregate of fifteen (15) per cent of
the Public Shares without the prior consent of the Company, and provided further that any
Shareholder that holds Public Shares beneficially through a nominee must identify itself
to the Company in connection with any redemption election in order to validly redeem such
Public Shares. In connection with any vote held to approve a proposed Business Combination,
holders of Public Shares seeking to exercise their redemption rights will be required to
either tender their certificates (if any) to the Company’s transfer agent or to deliver
their shares to the transfer agent electronically using The Depository Trust Company’s
DWAC (Deposit/Withdrawal At Custodian) System, at the holder’s option, in each case
up to two business days prior to the initially scheduled vote on the proposal to approve
a Business Combination. If so demanded, the Company shall pay any such redeeming Shareholder,
regardless of whether he or she is voting for or against such proposed Business Combination,
a per-Share redemption price payable in cash, equal to the aggregate amount then on deposit
in the Trust Account calculated as of two business days prior to the consummation of the
Business Combination, including interest earned on the Trust Account and not previously released
to the Company to pay tax obligations, if any, divided by the number of Public Shares then
in issue (such redemption price being referred to herein as the Redemption Price),
provided that the Company shall not redeem Public Shares in an amount that would cause the
Company’s net tangible assets to be less than US$5,000,001. |
| |
193. | The
Redemption Price shall be paid promptly following the consummation of the relevant Business
Combination. If the proposed Business Combination is not approved or completed for any reason
then such redemptions shall be cancelled and share certificates (if any) returned to the
relevant Shareholders as appropriate. |
| |
194. | In
the event that: |
| (a) | either
(i) the Company does not consummate a Business Combination on or before 23 March 2023 or
(ii) a resolution of the Shareholders is passed pursuant to the Companies Act to commence
the voluntary liquidation of the Company prior to the consummation of a Business Combination
for any reason, the Company shall: (A) cease all operations except for the purpose of winding
up; (B) as promptly as reasonably possible but not more than ten (10) business days thereafter,
redeem the Public Shares, at a per-Share price, payable in cash, equal to the aggregate amount
then on deposit in the Trust Account, including interest earned on the Trust Account and
not previously released to the Company to pay tax obligations, if any (less up to $100,000
of interest to pay dissolution expenses), divided by the number of Public Shares then in
issue, which redemption will completely extinguish public Shareholders’ rights as Shareholders
(including the right to receive further liquidation distributions, if any); and (C) as promptly
as reasonably possible following such redemption, subject to the approval of the Company’s
remaining Shareholders and the Directors, liquidate and dissolve, subject in the case of
sub-articles (B) and (C), to its obligations under Cayman Islands law to provide for claims
of creditors and in all cases subject to the other requirements of Applicable Law; and |
| (b) | any
amendment is made to Article 194(a) that would affect the substance or timing of the Company’s
obligation to redeem 100% of the Public Shares if the Company has not consummated an initial
Business Combination on or before 23 March 2023, or any amendment is made with respect to
any other provision of these Articles relating to the rights of holders of Class A Shares,
each holder of Public Shares who is not a Founder, Director or officer of the Company shall
be provided with the opportunity to redeem their Public Shares upon the approval of any such
amendment at a per-Share price, payable in cash, equal to the aggregate amount then on deposit
in the Trust Account, including interest earned on the Trust Account and not previously released
to the Company to pay its tax obligations, if any (less up to US$100,000 of interest to pay
dissolution expenses), divided by the number of Public Shares then in issue, provided that
the Company shall not redeem Public Shares in an amount that would cause the Company’s
net tangible assets to be less than US$5,000,001. Any amounts due in connection with a redemption
under this Article 194(b) shall be paid promptly following the relevant amendment of Article
194(a). If the proposed amendment of Article 194(a) is not approved or completed for any
reason then such redemptions shall be cancelled and share certificates (if any) returned
to the relevant Shareholders as appropriate. |
195. | Notwithstanding
any other provisions of these Articles, in order to consummate a Business Combination the
Directors may, if requested by the Sponsor, extend the time the Company has to consummate
a Business Combination by two months beyond 23 March 2023 (allowing a total period of up
to 18 months to complete a Business Combination after the date of the closing of the IPO),
subject to the Sponsor depositing additional funds into the Trust Account. |
| |
196. | Except
for the withdrawal of interest to pay tax obligations, if any, none of the funds held in
the Trust Account shall be released from the Trust Account until the earlier of an IPO Redemption
pursuant to Article 192, a repurchase of Shares by means of a tender offer pursuant to Article
189(b), a distribution of the Trust Account pursuant to Article 194(a) or an amendment under
Article 194(b). In no other circumstance shall a holder of Public Shares have any right or
interest of any kind in the Trust Account. |
| |
197. | After
the issue of Public Shares, and prior to the consummation of a Business Combination, the
Directors shall not issue additional Shares or any other securities that would entitle the
holders thereof to: |
| (a) | receive
funds from the Trust Account; or |
| | |
| (b) | vote
on (i) any Business Combination or any other proposal presented to the Shareholders prior
to or in connection with the completion of a Business Combination, or (ii) a proposed amendment
to these Articles to extend the time the Company has to consummate a Business Combination
beyond 23 March 2023 or otherwise amend any of the Business Combination Provisions. |
198. | The
Company must complete one or more Business Combinations having an aggregate fair market value
of at least 80 per cent of the assets held in the Trust Account (excluding the amount of
deferred underwriting discounts held in the Trust Account and taxes payable on the income
earned on the Trust Account) at the time of the Company’s signing a definitive agreement
in connection with a Business Combination. An initial Business Combination must not be effectuated
solely with another blank cheque company or a similar company with nominal operations. |
| |
199. | A
Director may vote in respect of any Business Combination in which the Director has a conflict
of interest with respect to the evaluation of such Business Combination, provided that the
Director must disclose such interest or conflict to the other Directors. |
| |
200. | The
Company may enter into a Business Combination with a target business that is affiliated with
the Sponsor, the Directors or officers of the Company if such transaction is approved by
a majority of the independent directors (as defined pursuant to the rules and regulations
of the Designated Stock Exchange) and the Directors that did not have an interest in such
transaction. In the event the Company enters into a Business Combination with an entity that
is affiliated with the Sponsor, the Directors or officers of the Company, the Company, or
a committee of independent directors (as defined pursuant to the rules and regulations of
the Designated Stock Exchange), will obtain an opinion that the Business Combination is fair
to the Company from a financial point of view from either an independent investment banking
firm or another independent entity that commonly renders valuation opinions. |
BUSINESS
OPPORTUNITIES
201. | In
recognition and anticipation of the facts that: (a) directors, managers, officers, members,
partners, managing members, employees and/or agents of one or more members of the Investor
Group (each of the foregoing, an Investor
Group Related Person) may serve as Directors and/or officers
of the Company; and (b) the Investor Group engages, and may continue to engage in the same
or similar activities or related lines of business as those in which the Company, directly
or indirectly, may engage and/or other business activities that overlap with or compete with
those in which the Company, directly or indirectly, may engage, the provisions of these Articles
under this heading “Business Opportunities” are set forth to regulate and define
the conduct of certain affairs of the Company as they may involve the Shareholders and the
Investor Group Related Persons, and the powers, rights, duties and liabilities of the Company
and its Directors, officers and Shareholders in connection therewith. |
| |
202. | To
the fullest extent permitted by Applicable Law, the Investor Group and the Investor Group
Related Persons shall have no duty, except and to the extent expressly assumed by contract,
to refrain from engaging directly or indirectly in the same or similar business activities
or lines of business as the Company. |
| |
203. | To
the fullest extent permitted by Applicable Law, the Company renounces any interest or expectancy
of the Company in, or in being offered an opportunity to participate in, any potential transaction
or matter which may be a corporate opportunity for either the Investor Group or the Investor
Group Related Persons, on the one hand, and the Company, on the other. |
204. | To
the fullest extent permitted by Applicable Law, the Investor Group and the Investor Group
Related Persons shall have no duty to communicate or offer any such corporate opportunity
to the Company and shall not be liable to the Company or the Shareholders for breach of any
fiduciary duty as a Shareholder, Director and/or officer of the Company solely by reason
of the fact that such party pursues or acquires such corporate opportunity for itself, himself
or herself, directs such corporate opportunity to another person, or does not communicate
information regarding such corporate opportunity to the Company. |
| |
205. | Except
as provided elsewhere in these Articles, the Company renounces any interest or expectancy
of the Company in, or in being offered an opportunity to participate in, any potential transaction
or matter which may be a corporate opportunity for both the Company and the Investor Group,
about which a Director and/or officer of the Company who is also an Investor Group Related
Person acquires knowledge. |
| |
206. | To
the extent a court might hold that the conduct of any activity related to a corporate opportunity
that is renounced in these Articles to be a breach of duty to the Company or its Shareholders,
the Company and (if applicable) each Shareholder hereby waives, to the fullest extent permitted
by Applicable Law, any and all claims and causes of action that the Company or such Shareholder
may have for such activities described in these Articles. To the fullest extent permitted
by Applicable Law, the provisions of these Articles apply equally to activities conducted
in the future and that have been conducted in the past. |
CLOSING
REGISTER OF MEMBERS OR FIXING RECORD DATE
207. | For
the purpose of determining Shareholders entitled to notice of, or to vote at any meeting
of Shareholders or any adjournment thereof, or Shareholders entitled to receive payment of
any Dividend or other distribution, or in order to make a determination of Shareholders for
any other purpose, the Directors may, by any means in accordance with the requirements of
any Designated Stock Exchange, provide that the Register of Members shall be closed for transfers
for a stated period which shall not in any case exceed forty days. |
| |
208. | In
lieu of, or apart from, closing the Register of Members, the Directors may fix in advance
or arrears a date as the record date for any such determination of Shareholders entitled
to notice of, or to vote at any meeting of the Shareholders or any adjournment thereof, or
for the purpose of determining the Shareholders entitled to receive payment of any Dividend
or other distribution, or in order to make a determination of Shareholders for any other
purpose. |
| |
209. | If
no record date is fixed for the determination of Shareholders entitled to notice of or to
vote at a meeting of Shareholders or Shareholders entitled to receive payment of a dividend,
the date on which notice of the meeting is mailed or the date on which the resolution of
the Directors declaring such dividend is adopted, as the case may be, shall be the record
date for such determination of Shareholders. When a determination of Shareholders entitled
to vote at any meeting has been made in the manner provided in the preceding Article, such
determination shall apply to any adjournment thereof. |
REGISTRATION
BY WAY OF CONTINUATION
210. | The
Company may by Special Resolution resolve to be registered by way of continuation in a jurisdiction
outside the Cayman Islands or such other jurisdiction in which it is for the time being incorporated,
registered or existing. The Directors may cause an application to be made to the Registrar
of Companies to deregister the Company in the Cayman Islands or such other jurisdiction in
which it is for the time being incorporated, registered or existing and may cause all such
further steps as they consider appropriate to be taken to effect the transfer by way of continuation
of the Company. |
FINANCIAL
YEAR
211. | The
Directors shall determine the financial year of the Company and may change the same from
time to time. Unless they determine otherwise, the financial year shall end on 31 December
in each year. |
AMENDMENTS
TO MEMORANDUM AND ARTICLES OF ASSOCIATION
212. | Subject
to these Articles, the Company may from time to time alter or add to these Articles or alter
or add to the Memorandum with respect to any objects, powers or other matters specified therein
by passing a Special Resolution. |
CAYMAN
ISLANDS DATA PROTECTION
213. | The
Company is a “data controller” for the purposes of the Data Protection Act (as
amended) of the Cayman Islands (the DPA).
By virtue of subscribing for and holding Shares in the Company, Shareholders provide the
Company with certain information (Personal Data)
that constitutes “personal data” under the DPA. Personal Data includes, without
limitation, the following information relating to a Shareholder and/or any natural person(s)
connected with a Shareholder (such as a Shareholder’s individual directors, members
and/or beneficial owner(s)): name, residential address, email address, corporate contact
information, other contact information, date of birth, place of birth, passport or other
national identifier details, national insurance or social security number, tax identification,
bank account details and information regarding assets, income, employment and source of funds. |
214. | The
Company processes such Personal Data for the purposes of: |
| (a) | performing
contractual rights and obligations (including under the Memorandum and these Articles); |
| | |
| (b) | complying
with legal or regulatory obligations (including those relating to anti-money laundering and
counter-terrorist financing, preventing and detecting fraud, sanctions, automatic exchange
of tax information, requests from governmental, regulatory, tax and law enforcement authorities,
beneficial ownership and the maintenance of statutory registers); and |
| | |
| (c) | the
legitimate interests pursued by the Company or third parties to whom Personal Data may be
transferred, including to manage and administer the Company, to send updates, information
and notices to Shareholders or otherwise correspond with Shareholders regarding the Company,
to seek professional advice (including legal advice), to meet accounting, tax reporting and
audit obligations, to manage risk and operations and to maintain internal records. |
215. | The
Company transfers Personal Data to certain third parties who process the Personal Data on
the Company’s behalf, including third party service providers that it appoints or engages
to assist with its management, operation, administration and legal, governance and regulatory
compliance. In certain circumstances, the Company may be required by law or regulation to
transfer Personal Data and other information with respect to one or more Shareholders to
a governmental, regulatory, tax or law enforcement authority. That authority may, in turn,
exchange this information with another governmental, regulatory, tax or law enforcement authority
established in or outside the Cayman Islands. |
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