Fintech Ecosystem Development Corp. entered into a definitive agreement to acquire Rana Financial, Inc. for $78.9 million.
The boards of directors of both FEXD, Rana and Afinoz have unanimously approved the proposed transactions, subject to, among other things, the approval by FEXD's stockholders, the shares of New Acquiror Class A Common Stock to be issued in connection with the Proposed Rana Transactions shall have been approved for listing on Nasdaq and satisfaction or waiver of the other conditions stated in the definitive documentation. The deal is expected to be completed in the first quarter of 2023. As of October 17, 2022, Fintech board of directors have approved to extend the date by which Fintech has to consummate a business combination from October 21, 2022 to January 21, 2023. As of January 20, 2023, Revofast has deposited an aggregate of $1.15 million, into FEXDâs trust account. Accordingly, the date by which FEXD has to consummate a business combination has been extended from January 21, 2023 to April 21, 2023 (the âExtensionâ).
Constantine Petropoulos of Hughes Hubbard & Reed LLP is serving as legal advisor and Houlihan Capital is serving as financial advisors to FEXD. David Kretzmer of Kretzmer & Associates, PLLC is serving as legal advisor to Rana. EF Hutton, division of Benchmark Investments, LLC, is serving as capital markets advisor. Continental Stock Transfer & Trust Company served as transfer agent to Fintech Ecosystem. Morrow & Co., LLC served as proxy solicitor to Fintech Ecosystem and will receive a fee of $27,500 for its services.