KINS Technology Group Inc. (KINZ) Postpones Completion Vote for Inpixon
KINS Technology Group Inc. (NASDAQ:KINZ) announced in an 8-K this afternoon that it has postponed its special meeting to complete its transaction with workplace experience company Inpixon’s (NASDQ:INPX) CXApp application.
The completion vote was originally scheduled to be held tomorrow, March 8, but will now be pushed back until Friday, March 10 at 1:30 p.m. San Fransisco Time to allow additional time for KINS to engage with its stockholders.
The proposals on the ballot will remain the same, with the exception of removing the separate Class A vote requirement for an amendment to the charter since the company has determined that it will not be needed. The holders of a majority of KINS common stock and KINS Class B common stock, however, must still vote in favor of the charter amendment in order for it to be approved.
The SPAC’s sponsor, KINS Capital LLC, has agreed to vote their Class B common stock, or founder shares, along with any other shares owned by it in favor of the amendment.
During an extension vote in June 2022, KINS saw redemptions of 26,661,910 shares, representing 96.6% of the then outstanding Class A common stock, leaving the SPAC with 938,090 shares remaining. Then, stockholders redeemed 550,539 shares in a December 2022 extension vote, resulting in just 387,551 shares of Class A common stock remaining.
KINS originally raised $278.8 million in gross proceeds from its IPO in 2020, but is now left with just $3.92 million in its trust following redemptions.
But, the sponsor’s 6,150,000 founder shares currently represent approximately 84.39% of the total voting power of KINS. Accordingly, it is expected that these shares held by the sponsor will be sufficient to establish a quorum and to pass the charter amendment proposal.
KINS announced the $69 million deal with Inpixon in September 2022. Palo Alto-based CXApp provides digital workplace and event management tools, helping users book rooms and venues as well as interact with spaces via AR/VR solutions.