Inception Growth Acquisition Limited (NASDAQ: IGTAU) Announces Conversion Agreements and SATISFACTION OF INDEBTEDNESS AGREEMENT

Inception Growth Acquisition Limited (NASDAQ: IGTAU) recently disclosed significant agreements regarding financial transactions. On October 22, 2024, the company entered into various agreements, including the Sponsor Loan Conversion Agreement and the Satisfaction and Discharge of Indebtedness Agreement.

The Sponsor Loan Conversion Agreement involved Inception Growth and Merger Sub in a deal with Soul Venture Partners LLC, the sponsor in IGTAU’s initial public offering. This agreement stipulates the conversion of all loans provided by the Sponsor, covering expenses related to IGTAU’s IPO and business combination efforts, into 240,000 PubCo Ordinary Shares upon the conclusion of the Business Combination.

Additionally, Inception Growth, Merger Sub, and AgileAlgo signed an agreement for the satisfaction and discharge of indebtedness with EF Hutton LLC, the underwriter of the IPO. Under this agreement, EF Hutton will accept 50,000 PubCo Ordinary Shares and a promissory note for $500,000 called the EF Hutton Note, instead of receiving the full Deferred Commission in cash at the Closing. The EF Hutton Note’s terms detail its maturity and subordination to other obligations.

These agreements reveal strategic financial moves by Inception Growth Acquisition Limited as it proceeds with its business combination plans. The company’s continuous actions aim to strengthen its financial position and align resources effectively.

The full details of these agreements are available in the exhibits attached to Inception Growth Acquisition Limited’s Current Report on Form 8-K filed with the Securities and Exchange Commission. Interested parties are encouraged to refer to the original document for a comprehensive understanding of the agreements and their implications.

Investors and stakeholders are advised to monitor further updates and disclosures from Inception Growth Acquisition Limited, particularly regarding the proposed Business Combination and related financial transactions, to stay informed about the company’s strategic direction and financial standing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Inception Growth Acquisition’s 8K filing here.

Inception Growth Acquisition Company Profile

Inception Growth Acquisition Limited does not have significant operations. The company focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. It intends to focus on sourcing opportunities in the technology, media and telecom, sports and entertainment, and non-gambling game sectors.