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WinVest Acquisition Corp. Unit (WINVU0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net loss of $1,430,395 for the nine months ended September 30, 2024, compared to a net loss of $966,681 for the same period in 2023. The company attributes the increase in net loss to higher legal and professional fees related to efforts to complete an Initial Business Combination with Xtribe.
As of September 30, 2024, WinVest had $548 in its operating bank account and a working capital deficit of $4,928,551. The company has relied on funds from its Sponsor and proceeds from its Initial Public Offering to meet its liquidity needs.
The company has extended the deadline for completing an Initial Business Combination multiple times, with the current Termination Date set for December 17, 2024. WinVest plans to seek stockholder approval to extend this deadline further to June 17, 2025.
WinVest's ability to continue as a going concern is uncertain due to insufficient liquidity and the impending liquidation date. Management plans to address this by seeking stockholder approval for an extension of the Termination Date.
The company has identified material weaknesses in its internal control over financial reporting related to the protection of funds permitted for withdrawal from the Trust Account and compliance with the investment management trust agreement.
WinVest's common stock, units, warrants, and rights are listed on Nasdaq (NDAQ-1.24%). However, the company is not in compliance with Nasdaq's listing rules due to not completing an Initial Business Combination within 36 months of its IPO Registration Statement's effectiveness.
The company has filed a preliminary proxy statement to amend its Certificate of Incorporation to extend the Termination Date, subject to stockholder approval. This amendment would allow for monthly extensions up to June 17, 2025, if necessary.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the WinVest Acquisition Corp. Unit quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.