Tue, May 14, 8:10 PM (73 days ago)
Insight Acquisition Corp. is a Delaware-based blank check company formed to effectuate a business combination. For the fiscal year ending December 31, 2023, the company reported no operating revenues and a working capital deficit of approximately $3.57 million. The company completed its IPO on September 7, 2021, raising $240 million, with proceeds held in a trust account. Key financial highlights include: - **Market Value**: $34.4 million as of June 30, 2023. - **Cash and Marketable Securities**: $10.7 million held in the trust account. Significant events: - **Management Changes**: Jeffrey Gary was removed as CEO and CFO, and Michael Singer was appointed CEO, with Glenn Worman as CFO. - **Business Combination Attempts**: Terminated an agreement with Avila Energy Corporation and entered into a new agreement with Alpha Modus, Corp. - **SPAC Term Extension**: Extended the deadline to complete a business combination to June 7, 2024, following stockholder approval. Risk factors include potential inability to complete a business combination within the specified timeframe, reliance on sponsor loans, and substantial doubt about the company's ability to continue as a going concern.