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Alpha Modus to List on NASDAQ Via Merger with SPAC.

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Vincent

MANews-(C)2009-2023

US-based technology company Alpha Modus, Corp., which has a core focus on artificial intelligence in retail, and special purpose acquisition company Insight acquisition Corp. (NASDAQ: INAQ) have entered into a business combination agreement regarding Insight's proposed acquisition of Alpha Modus, the company said.

Alpha Modus develops data-driven technologies in retail to enhance consumers' in-store experience at the point of decision.

Since its launch in 2014, Alpha Modus has maintained its corporate mission of solving pain-points for retail businesses through providing actionable insights found in unstructured data.

Alpha Modus intends to change the way brick and mortar businesses serve consumers through its robust portfolio of patented AI technology.

The proposed Business Combination reflects an implied pro-forma enterprise value of approximately USD 175m, plus a potential USD 22m earn out for Alpha Modus stockholders and a USD 7.5m earn out for Insight's sponsor both payable through the issuance of the combined company's common stock valued at USD 10 per share and based on share price targets for the combined company's common stock.

The Business Combination is not subject to a minimum cash closing condition.

Post closing, Alpha Modus shareholders would own approximately 70%, excluding the earn out, of the combined company.

The closing of the proposed Business Combination is subject to a number of conditions, as set out in the BCA, including but not limited to approval of the transaction by Insight's...

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