WinVest Acquisition Corp. (NASDAQ:WINV, the " Company" ))))), a special purpose acquisition company, announced today that at a special meeting of its stockholders held on November 30, 2022, the Company's stockholders voted in favor of a proposal to amend its amended and restated certificate of incorporation to extend the date (the "Termination Date") by which the Company must consummate an initial business combination from December 17, 2022 to January 17, 2023 (the "Charter Extension Date"), and to allow the Company, without another stockholder vote, to elect to extend the Termination Date on a monthly basis for up to five times by an additional one month each time after the Charter Extension Date, by resolution of the Company's board of directors, if requested by WinVest SPAC LLC, the Company's sponsor (the "Sponsor"), subject to the Sponsor's deposit of $125,000 per monthly extension into the Company's trust account (the "Trust Account"). In connection therewith, on December 5, 2022, the Company issued an unsecured promissory note to the Sponsor with a principal amount equal to $750,000. The promissory note bears no interest and is convertible at the option of the Sponsor upon the consummation of an initial business combination into private warrants to purchase shares of the Company's common stock at a price of $0.50 per private warrant. Such private warrants will be identical to the private placement warrants issued to the Sponsor at the time of the Company's initial public offering.
On December 5, 2022, the Sponsor notified the Company of its intent to extend the Termination Date and deposited into the Trust Account an aggregate of $125,000 (representing approximately $0.066 per share of common stock issued in the Company's initial public offering that has not been redeemed), in order to extend the period of time the Company has to complete an initial business combination for an additional one (1) month period, from December 17, 2022 to January 17, 2023. The purpose of the extension is to provide time for the Company to complete an initial business combination.