공시 • Nov 16
Insight Acquisition Corp. announced delayed 10-Q filing On 11/15/2024, Insight Acquisition Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. 공시 • Oct 25
Insight Acquisition Corp. announced that it has received $2.63 million in funding from Streeterville Capital, LLC Insight Acquisition Corp. entered into a securities purchase agreement with Streeterville Capital, LLC to issue secured convertible promissory note at an principal amount of $2,890,000 for gross proceeds of $2,600,000 (after deducting an original issue discount of $260,000, and payment of $30,000 for the Investor’s legal, accounting, due diligence, asset monitoring, and other transaction expenses) on October 23, 2024. The Note will mature 18 months following the date the purchase price is delivered to the Company and and will be convertible into Class A common stock. The notes will accrue interest of 10% per annum. The transaction includes participation from new investor, Streeterville Capital, LLC. 공시 • Oct 03
Insight Acquisition receives notice from the Nasdaq Stock Market LLC Due to Non-Compliance with Nasdaq Interpretive Material IM-5101-2 Insight Acquisition Corp. (the ‘Company’) received a notice, dated September 27, 2024 (the ‘Notice’) from the Nasdaq Stock Market LLC (‘Nasdaq’), stating that the Company’s did not comply with Nasdaq Interpretive Material IM-5101-2, and that its securities are now subject to delisting. The Company’s registration statement filed in connection with the Company’s IPO became effective on September 1, 2021. Pursuant to IM-5101-2, the Company, a special purpose acquisition company, must complete one or more business combinations within 36 months of the effectiveness of its IPO registration statement. Since the Company failed to complete its initial business combination by September 1, 2024, the Company did not comply with IM-5101-2, and its securities are now subject to delisting. Unless the Company requests an appeal of this determination by October 4, 2024, trading of the Company’s securities will be suspended at the opening of business on October 8, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the ‘SEC’), which will remove the Company’s securities from listing and registration on The Nasdaq Stock Market. The Company plans to request an appeal of the determination contained in the Notice. 공시 • Aug 21
Insight Acquisition Corp. Receives Non-Compliance Notice from the Nasdaq Stock Market LLC Regarding MVLS Requirement Insight Acquisition Corp., a Delaware corporation (the Company"), received a notice, dated July 29, 2024 (the Notice") from the Nasdaq Stock Market LLC (Nasdaq"), stating that the Company's listed securities failed to comply with the $15,000,000 market value of listed securities (MVLS") requirement for continued listing on The Nasdaq Capital Market in accordance with Nasdaq Listing Rule 5450(b)(2)(C) based upon the Company's MVLS for the 30 consecutive business days prior to the date of the Notice. The Notice has no immediate effect on the listing of the Company's securities on Nasdaq and in accordance with Nasdaq Listing Rule 5810(c)(3)(D), the Company has been provided a period of 180 calendar days, or until January 27, 2025, in which to regain compliance. In order to regain compliance, the MVLS of the Company must close at $15,000,000 or more for a minimum of ten consecutive business days during this 180-day period. There can be no assurance that the Company will be able to regain compliance with the MVLS requirement, or maintain compliance with the other Nasdaq continued listing requirements. 공시 • Aug 15
Insight Acquisition Corp. announced delayed 10-Q filing On 08/14/2024, Insight Acquisition Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. 공시 • May 18
Insight Acquisition Corp. announced delayed 10-Q filing On 05/16/2024, Insight Acquisition Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. 공시 • Apr 03
Insight Acquisition Corp. announced delayed annual 10-K filing On 04/02/2024, Insight Acquisition Corp. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Board Change • Feb 16
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Executive Chairman Michael Singer is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. 공시 • Nov 17
Insight Acquisition Corp. announced delayed 10-Q filing On 11/15/2023, Insight Acquisition Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. 공시 • Oct 18
Alpha Modus Corp entered into an agreement to acquire Insight Acquisition Corp. (NasdaqGM:INAQ) from Insight Acquisition Sponsor LLC and Others for approximately $140 million in a reverse merger transaction. Alpha Modus Corp entered into an agreement to acquire Insight Acquisition Corp. (NasdaqGM:INAQ) from Insight Acquisition Sponsor LLC and Others for approximately $140 million in a reverse merger transaction on October 13, 2023. Post closing, Alpha Modus shareholders would own approximately 70%, excluding the earn out, of the combined company. The closing of the proposed business combination is subject to a number of conditions, including but not limited to approval of the transaction by Insight’s stockholders and Alpha Modus’ stockholders, the U.S. Securities and Exchange Commission declaring Insight’s registration statement on Form S-4 effective and other customary closing conditions. The transaction is expected to close in the first quarter of 2024. CHW Strategic Advisors acted as advisor to Alpha Modus on the transaction. Mitchell Nussbaum of Loeb & Loeb LLP acted as legal counsel to IAC. Lance Brunson of Brunson Chandler & Jones, PLLC acted as legal counsel to Alpha Modus. 공시 • Sep 10
Insight Acquisition Corp. Appoints David Brosgol as Director Insight Acquisition Corp. announced that at its annual meeting of stockholders held on September 6, 2023, approved proposal to elect one (1) director, David Brosgol, to serve until 2026 annual meeting and until his successor has been duly elected and qualified or until his earlier resignation, removal or death. 공시 • Aug 25
Insight Acquisition Corp., Annual General Meeting, Sep 06, 2023 Insight Acquisition Corp., Annual General Meeting, Sep 06, 2023, at 10:30 US Eastern Standard Time. Agenda: To amend the Companys amended and restated certificate of incorporation, as amended, to extend the date by which the Company has to consummate a business combination for up to nine additional one (1)month extensions or from September7, 2023 up to June7, 2024; to elect one director to serve until the 2026 annual meeting and until his successor had been duly elected and qualified or until his earlier resignation, removal or death; to ratify the appointment of WithumSmith+Brown PC, as independent registered public accounting firm for the year ending December31, 2023; to authorize the Chairman of the Annual Meeting to adjourn the Annual Meeting to a later date or dates, from time to time, at the request of the Chairman of the Annual Meeting. 공시 • Aug 19
Insight Acquisition Corp. announced that it has received $0.48 million in funding Insight Acquisition Corp. announced that it has issued an unsecured promissory note for gross proceeds of $480,000 on August 17, 2023. The transaction included participation from returning lender Insight Acquisition Sponsor LLC. The principal amount of the note is $180,000. The Note does not bear interest and matures upon the closing of an initial business combination by the Company. In addition, at the option of the holder, the Note may be paid by the Company through the issuance of private placement warrants of the Company at a price of $1.00 per unit. The Promissory note has not been registered under the securities act of 1933, as amended (the “securities act”). 공시 • Aug 17
Insight Acquisition Corp. announced delayed 10-Q filing On 08/15/2023, Insight Acquisition Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. 공시 • Jun 01
Insight Acquisition Receives NASDAQ Notification of Noncompliance with Listing Rule 5250(c)(1) Insight Acquisition Corp. announced that on May 24, 2023, it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) stating that it was not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of it not having timely filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (the “2023 First Quarter 10-Q”) with the Securities and Exchange Commission (“SEC”). The Nasdaq notification letter provides the Company with 60 calendar days, or until July 24, 2023, to submit to Nasdaq a plan to regain compliance in accordance with Nasdaq’s listing requirements. If the Company’s plan is accepted, Nasdaq may grant the Company up to 180 days, or until November 20, 2023, for the Company to regain compliance. If Nasdaq does not accept the Company’s plan, the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel under Nasdaq Listing Rule 5815(a). The Nasdaq notification letter has no immediate effect on the listing of the Company’s securities on the NASDAQ Global Market. The Company does not currently expect submission of a compliance plan will be necessary as it anticipates filing its 2023 First Quarter 10-Q prior to the expiration of the 60 day period. The Company anticipates that it will fully regain compliance with the NASDAQ continued listing requirements upon such filing of its 2023 First Quarter 10-Q. 공시 • May 17
Insight Acquisition Corp. announced delayed 10-Q filing On 05/16/2023, Insight Acquisition Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. 공시 • Jan 27
Insight Acquisition Corp. (NYSE:INAQ) signed a letter of intent to acquire Avila Energy Corporation (CNSX:VIK). Insight Acquisition Corp. (NYSE:INAQ) signed a letter of intent to acquire Avila Energy Corporation (CNSX:VIK) on January 24, 2023. The Company or a newly-formed company affiliated with Avila Energy Corporation will combine with IAC so that all of the issued and outstanding securities of the Avila Energy Corporation and IAC will be exchanged for shares of the Surviving Company based on a fully diluted enterprise value of the Surviving Company of $185,280,000. The transaction will create a surviving company the shareholders of which will be composed of the then current shareholders of Avila and shareholders and participating parties of IAC. It is anticipated that the current shareholders of Avila will, excluding any additional financing that may be raised in connection with the transaction and before considering any redemption of the IAC shareholders, hold approximately 68% of the issued shares of the surviving company upon closing of the transaction. The Board of Directors of the Surviving Company is expected to consist of seven persons, five of which shall be appointed by persons designated by Avila, including three independent directors, and Leonard Van Betuw will remain the CEO and Chairman of the Board of the surviving company. The transaction remains subject to the approval of the boards of directors and stockholders of each of IAC and the Company, as well as other customary closing conditions, including negotiation and execution of a definitive business combination agreement for the transaction. The transaction, which will constitute the de-SPAC transaction of IAC, is expected to close later this year.