Alpha Modus Holdings completes merger with Insight Acquisition Corp; shares to trade on Nasdaq starting December 16, 2024.
Quiver AI Summary
Alpha Modus Holdings, Inc., a technology company focused on AI in retail, announced the closing of its business combination with Insight Acquisition Corp. This merger will allow Alpha Modus's common stock and warrants to begin trading on the Nasdaq under the ticker symbols “AMOD” and “AMODW” starting December 16, 2024. The combined company has also issued a secured convertible promissory note to an investor, raising approximately $2.6 million to cover transaction costs and support working capital, with the possibility of an additional $5 million in future financing. Alpha Modus develops data-driven technologies aimed at improving customer experiences in retail environments.
Potential Positives
- Alpha Modus's common stock and warrants will begin trading on the Nasdaq Global Market, enhancing its visibility and credibility in the financial market.
- The business combination with Insight Acquisition Corp. has closed, positioning Alpha Modus for potential growth and increased market opportunities.
- The issuance of a secured convertible promissory note has generated approximately $2.6 million in net proceeds, which will support transaction costs and working capital.
- The potential for an additional $5 million capital infusion in the future provides a financial buffer and supports ongoing operational needs.
Potential Negatives
- The issuance of a secured convertible promissory note for $2.6 million to cover transaction costs raises concerns about the company's immediate financial health and reliance on external financing.
- The lack of commitment or warrant shares in the financing structure may signal to investors a vulnerability in the company's capital-raising capabilities.
- Forward-looking statements included in the release emphasize uncertainty, advising caution against reliance on projections and highlighting potential discrepancies between expectations and actual performance.
FAQ
What is the recent business combination involving Alpha Modus?
Alpha Modus has completed a business combination with Insight Acquisition Corp., effective December 13, 2024.
When will Alpha Modus stock begin trading?
Alpha Modus's common stock will start trading on the Nasdaq Global Market under the ticker symbols “AMOD” and “AMODW” on December 16, 2024.
What funding did Alpha Modus secure during the business combination?
The company issued a secured convertible promissory note for approximately $2.6 million, mainly for transaction costs and working capital.
Who served as advisors for Alpha Modus during this transaction?
Maxim Group LLC acted as the capital markets advisor, while Brunson Chandler & Jones, PLLC provided legal counsel for Alpha Modus.
What is the focus of Alpha Modus as a technology company?
Alpha Modus specializes in creating AI-driven technologies to enhance in-store digital experiences for consumers.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
Full Release
CORNELIUS, N.C. and NEW YORK, Dec. 13, 2024 (GLOBE NEWSWIRE) -- Alpha Modus Holdings, Inc. ("Alpha Modus" or the “Company”), a technology company with a core focus on artificial intelligence in retail, is pleased to announce that the business combination between Insight Acquisition Corp. and Alpha Modus Corp. has closed, and Alpha Modus’s common stock and warrants will begin trading on the Nasdaq Global Market under the ticker symbols “AMOD” and “AMODW”, respectively, on Monday, December 16, 2024.
In connection with the closing of the business combination, the combined company consummated and issued a secured convertible promissory note to an investor, in exchange for net proceeds of approximately $2.6 million, which will be used primarily to cover transaction costs and for working capital. The structure of the financing does not include commitment or warrant shares and is structured with the potential for an additional $5 million capital infusion for working capital purposes in the future.
Advisors
Maxim Group LLC served as capital markets advisor to Alpha Modus. Brunson Chandler & Jones, PLLC acted as legal counsel to Alpha Modus. Loeb & Loeb LLP served as legal counsel to Insight Acquisition Corp.
About Alpha Modus
Alpha Modus engages in creating, developing and licensing data-driven technologies to enhance consumers' in-store digital experience at the point of decision. The company was founded in 2014 and is headquartered in Cornelius, North Carolina. For additional information, please visit alphamodus.com.
About Insight Acquisition Corp.
Prior to the closing, Insight Acquisition Corp. (NASDAQ: INAQ) was a special purpose acquisition company formed solely to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Insight Acquisition Corp. was sponsored by Insight Acquisition Sponsor LLC. For additional information, please visit insightacqcorp.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Insight's and Alpha Modus' actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements, but are not the exclusive means of identifying these statements. These forward-looking statements include, without limitation, Insight's and Alpha Modus' expectations with respect to future performance and anticipated financial impacts of the Business Combination.
Insight and Alpha Modus caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Insight and Alpha Modus do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based.
Contacts:
Alpha Modus
Shannon Devine
MZ Group
+1(203) 741-8841
shannon.devine@mzgroup.us
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