KINS Technology Group Inc. (NASDAQ:KINZ) announced its shareholders have approved its combination with workplace experience company Inpixon’s (NASDQ:INPX) CXApp application at a special meeting held earlier today.
Holders of 7,097,290 shares of KINS common stock were present at today’s meeting, representing 97.39% of KINS’ common stock outstanding. The deal was overwhelmingly approved as it received 7,063,163 votes in favor of the transaction and just 34,127 against it.
The completion vote was originally scheduled to be held on March 8, but was pushed back until today, March 10, to allow additional time for KINS to engage with its stockholders. The SPAC, however, has not yet disclosed redemption figures or a closing date. Once the deal is closed, the combined company is expected to trade as CXApp on the Nasdaq.
KINS originally brought an estimated $4.0 million in cash into the deal from its trust, having seen 96.6% of shares redeemed in a June 2022 extension vote. Then, stockholders redeemed 550,539 shares in a December 2022 extension vote, resulting in just 387,551 shares of Class A common stock remaining.
The SPAC 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.
- Skadden, Arps, Slate, Meagher and Flom LLP is serving as legal advisor to KINS.
- Mitchell Silberberg and Knupp LLP is acting as legal advisor to CXApp.