WinVest Acquisition Corp. (WINV) reports earnings
WinVest Acquisition Corp. (WINV) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial activities, including the status of its Initial Public Offering and subsequent extensions to its business combination deadline. The company has extended its deadline multiple times, with the current termination date set for June 17, 2025.
WinVest is in the process of completing a business combination with Xtribe P.L.C., a company incorporated in England and Wales. The completion of this transaction is contingent upon stockholder approval and other conditions.
The company reported a net loss of $2,231,950 for the year ended December 31, 2024, compared to a net loss of $1,147,608 for the previous year. The increase in net loss is attributed to higher operating expenses, primarily due to professional services related to the business combination.
As of December 31, 2024, WinVest had cash and cash equivalents of $566 and a working capital deficit of $5,813,265. The company has relied on loans from its sponsor to fund operations and extend its business combination deadline.
The company has faced challenges related to the Inflation Reduction Act of 2022, which imposes a 1% excise tax on certain stock repurchases. This tax has implications for the company's stock redemptions.
WinVest's management has expressed substantial doubt about the company's ability to continue as a going concern due to insufficient liquidity and the uncertainty surrounding the completion of its business combination.
The company is an emerging growth company and has taken advantage of certain exemptions from various reporting requirements applicable to other public companies.
WinVest's financial statements have been prepared assuming the company will continue as a going concern, but the company's ability to do so is contingent upon completing its business combination by the extended deadline.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the WinVest Acquisition Corp. annual 10-K report dated March 6, 2025. To report an error, please email [email protected].