Genesis Growth Tech Acquisition Corp. (GGAAW), a prominent company that specializes in providing investors with access to high-growth technology markets, has announced several significant events in their year-end financial statements. Among these, the company has waived $13.9 million in deferred underwriting commissions.
In addition, Genesis Growth Tech Acquisition Corp. has approved proposals to extend the deadline for their initial business combination, remove limitations on share repurchases, and focus on consummation of a new business combination with NextTrip Holdings, Inc. These strategic decisions showcase the company’s ongoing dedication to creating value for shareholders and expanding its business operations within the tech industry.
As of December 31, 2022, the company held 6,325,000 Class B ordinary shares issued and outstanding. The Class B ordinary shares can automatically convert into Class A ordinary shares at the time of the initial Business Combination or earlier at the option of the holders.
Furthermore, Genesis Growth Tech Acquisition Corp. had 12,650,000 Public Warrants and 8,875,000 Private Placement Warrants outstanding at the end of 2022. The Public Warrants will become exercisable at $11.50 per share 30 days after the completion of a Business Combination, provided the company has an effective registration statement under the Securities Act and a prospectus relating to the shares available.
As part of their ongoing growth strategy, Genesis Growth Tech Acquisition Corp. entered into an Agreement and Plan of Merger with GGAC Merger Sub, Inc., NextTrip Holdings, Inc., and respective representatives on May 22, 2023. Under the terms outlined within the Merger Agreement, Merger Sub will merge with NextTrip, with NextTrip continuing as the surviving corporation and a wholly-owned subsidiary of Genesis Growth Tech Acquisition Corp. Once completed, the merger will result in an aggregate merger consideration of $150,000,000, subject to adjustments for NextTrip’s closing debt and net cash positions.
Additionally, Genesis Growth Tech Acquisition Corp. will convert its corporate residency from the Cayman Islands to the State of Delaware and change its name to NextTrip, Inc., emphasizing the company’s focus on the newly combined businesses and growth opportunities within the technology sector.
The company’s year-end financial report highlights the commitment of Genesis Growth Tech Acquisition Corp. to deliver exceptional value for shareholders. With its recent waiver of deferred underwriting commissions, extension of its initial business combination deadline, and new business combination plans with NextTrip Holdings, Inc., the company is well-positioned to capitalize on the exciting growth opportunities present within the technology industry.
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