8-K/A: INFINT Acquisition Corporation Announces Voluntary Delisting from NYSE Ahead of Merger with Seamless Group Inc.

INFINT Acquisition Corporation will voluntarily delist from the NYSE as it prepares to merge with Seamless Group Inc. and list on the Nasdaq under the new name CURRENC Group Inc.

Summary

• INFINT Acquisition Corporation has announced its intention to voluntarily delist its units and Class A ordinary shares from the New York Stock Exchange (NYSE).
• This delisting is in connection with the proposed business combination with Seamless Group Inc.
• Upon completion of the merger, the company will be renamed CURRENC Group Inc. and its ordinary shares are expected to trade on the Nasdaq Stock Market under the symbol CURR.
• Trading on Nasdaq is expected to begin on or about August 21, 2024, following the consummation of the business combination.
• The last day of trading on the NYSE is expected to be on or about August 20, 2024.
• The delisting from the NYSE and the listing on Nasdaq are contingent upon the closing of the business combination.

Sentiment

Score: 6

Explanation: The document is neutral to slightly positive. While it announces a significant change (delisting from NYSE), it is part of a planned merger and relisting on Nasdaq. The document also includes standard risk disclosures.

Positives

• The company is progressing with its merger plans with Seamless Group Inc.
• The company will be listed on the Nasdaq, which may provide access to a different investor base.
• The company is rebranding to CURRENC Group Inc., which may signal a new chapter for the business.

Negatives

• The delisting from the NYSE could cause short-term uncertainty for investors.
• The transition to Nasdaq is dependent on the successful completion of the business combination.
• There are risks associated with the business combination, including potential price declines and regulatory issues.

Risks

• The proposed transaction may not be completed within the expected timeframe, which could negatively impact the company's share price.
• Investors of Seamless may not receive the same benefits as investors in a traditional public offering.
• CURRENC's securities may experience a price decline after the transaction.
• There are risks of product liability or regulatory lawsuits related to Seamless's business.
• The transaction may not be completed by the company's business combination deadline.
• CURRENC may not be able to get approval for listing on Nasdaq or comply with its listing standards.
• The company may face challenges in attracting and retaining partners, merchants, and users.
• CURRENC may struggle to integrate its services with various operating systems, networks, and devices.
• The company may need to raise additional capital, which could lead to share dilution.
• There are risks of cyber security and foreign exchange losses.
• CURRENC may not be able to secure or protect its intellectual property.
• The company may fail to maintain an effective system of internal control over financial reporting.

Future Outlook

The company anticipates that CURRENC Group Inc. will begin trading on Nasdaq around August 21, 2024, following the completion of the business combination with Seamless Group Inc. The company is subject to various risks and uncertainties that could affect its future performance.

Management Comments

• INFINT believes the greatest opportunities in the near future lie in the global fintech space and are looking forward to merging with an exceptional international fintech company.

Industry Context

This announcement reflects a trend of SPACs merging with private companies to go public, and the subsequent listing on exchanges like Nasdaq. The move from NYSE to Nasdaq is not uncommon for companies seeking a different investor base or profile.

Comparison to Industry Standards

• Many SPACs have chosen to list on Nasdaq after completing their mergers, as it is often seen as a more tech-focused exchange.
• The timeline for the merger and relisting is consistent with other similar transactions.
• The risks outlined in the document are typical for SPAC mergers, including potential price volatility and regulatory hurdles.

Stakeholder Impact

• Shareholders will see their shares delisted from the NYSE and relisted on Nasdaq.
• Employees will be part of the new CURRENC Group Inc.
• Customers and partners of both INFINT and Seamless will be impacted by the merger.

Next Steps

• The company will complete the business combination with Seamless Group Inc.
• The company will delist from the NYSE on or around August 20, 2024.
• CURRENC Group Inc. will begin trading on Nasdaq on or around August 21, 2024.

Key Dates

Keywords

delisting, NYSE, Nasdaq, merger, business combination, Seamless Group Inc., CURRENC Group Inc., SPAC, fintech