Alpha Modus, AI-Focused Retail Tech Company, Goes Public via SPAC Merger
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Alpha Modus and Insight Acquisition Corp Close Business Combination and Alpha Modus will Begin Trading Under "AMOD" Ticker - Insight Acquisition (NASDAQ:INAQ)
CORNELIUS, N.C. and NEW YORK, Dec. 13, 2024 (GLOBE NEWSWIRE) -- Alpha Modus Holdings, Inc. ("Alpha Modus" or the "Company"), a technology company with a core focus on artificial intelligence in retail, is pleased to announce that the business combination between Insight Acquisition Corp. and Alpha Modus Corp. has closed, and Alpha Modus's common stock and warrants will begin trading on the Nasdaq Global Market under the ticker symbols "AMOD" and "AMODW", respectively, on Monday, December 16, 2024. In connection with the closing of the business combination, the combined company consummated and issued a secured convertible promissory note to an investor, in exchange for net proceeds of approximately $2.6 million, which will be used primarily to cover transaction costs and for working capital. The structure of the financing does not include commitment or warrant shares and is structured with the potential for an additional $5 million capital infusion for working capital purposes in the future. Advisors Maxim Group LLC served as capital markets advisor to Alpha Modus. Brunson Chandler & Jones, PLLC acted as legal counsel to Alpha Modus. Loeb & Loeb LLP served as legal counsel to Insight Acquisition Corp. About Alpha Modus Alpha Modus engages in creating, developing and licensing data-driven technologies to enhance consumers' in-store digital experience at the point of decision. The company was founded in 2014 and is headquartered in Cornelius, North Carolina. For additional information, please visit alphamodus.com. About Insight Acquisition Corp. Prior to the closing, Insight Acquisition Corp. INAQ was a special purpose acquisition company formed solely to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Insight Acquisition Corp. was sponsored by Insight Acquisition Sponsor LLC. For additional information, please visit insightacqcorp.com. This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Insight's and Alpha Modus' actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements, but are not the exclusive means of identifying these statements. These forward-looking statements include, without limitation, Insight's and Alpha Modus' expectations with respect to future performance and anticipated financial impacts of the Business Combination. Insight and Alpha Modus caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Insight and Alpha Modus do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based. Contacts: Alpha Modus Shannon Devine MZ Group +1(203) 741-8841 [email protected] Market News and Data brought to you by Benzinga APIs
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Alpha Modus Plans to Close Business Combination With Insight Acquisition Corp. Today and Expects to Begin Trading on Monday Under "AMOD" Ticker - Insight Acquisition (NASDAQ:INAQ)
CORNELIUS, N.C. and NEW YORK, Dec. 13, 2024 (GLOBE NEWSWIRE) -- Alpha Modus Corp. ("Alpha Modus" or the "Company"), a technology company with a core focus on artificial intelligence in retail, and Insight Acquisition Corp., a special purpose acquisition company INAQ plan to close their business combination today. Alpha Modus expects to begin trading on the Nasdaq Global Market under the ticker symbols "AMOD" (its common stock) and "AMODW" (its warrants) on Monday, December 16, 2024. About Alpha Modus Alpha Modus engages in creating, developing and licensing data-driven technologies to enhance consumers' in-store digital experience at the point of decision. The company was founded in 2014 and is headquartered in Cornelius, North Carolina. For additional information, please visit alphamodus.com. About Insight Acquisition Corp. Prior to the closing, Insight Acquisition Corp. INAQ is a special purpose acquisition company formed solely to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Insight Acquisition Corp. is sponsored by Insight Acquisition Sponsor LLC. For additional information, please visit insightacqcorp.com. This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Insight's and Alpha Modus' actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements, but are not the exclusive means of identifying these statements. These forward-looking statements include, without limitation, Insight's and Alpha Modus' expectations with respect to future performance and anticipated financial impacts of the Business Combination. Insight and Alpha Modus caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Insight and Alpha Modus do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based. Contacts: Alpha Modus Shannon Devine MZ Group +1(203) 741-8841 [email protected] Market News and Data brought to you by Benzinga APIs
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Alpha Modus, a technology company specializing in AI for retail, has completed its business combination with Insight Acquisition Corp. The company is set to begin trading on Nasdaq under the ticker "AMOD" on December 16, 2024.
Alpha Modus Completes SPAC Merger, Set to Trade on Nasdaq
Alpha Modus Holdings, Inc., a technology company focused on artificial intelligence applications in retail, has successfully closed its business combination with Insight Acquisition Corp., a special purpose acquisition company (SPAC). The merged entity is poised to make its debut on the Nasdaq Global Market on December 16, 2024, under the ticker symbols "AMOD" for common stock and "AMODW" for warrants
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.Company Background and Specialization
Founded in 2014 and headquartered in Cornelius, North Carolina, Alpha Modus specializes in creating, developing, and licensing data-driven technologies. The company's primary focus is on enhancing consumers' in-store digital experiences at the point of decision, leveraging artificial intelligence in the retail sector
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.Financial Details of the Merger
In conjunction with the business combination closure, the merged company has secured additional funding through a secured convertible promissory note. This financial instrument, issued to an investor, has yielded net proceeds of approximately $2.6 million. These funds are earmarked primarily for covering transaction costs and bolstering working capital
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.The financing structure is notable for its absence of commitment or warrant shares, potentially allowing for an additional $5 million capital infusion for working capital purposes in the future. This arrangement suggests a strategic approach to funding that balances immediate needs with future growth potential
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.Key Players and Advisors
The merger process involved several key financial and legal advisors:
- Maxim Group LLC served as the capital markets advisor to Alpha Modus
- Brunson Chandler & Jones, PLLC acted as legal counsel for Alpha Modus
- Loeb & Loeb LLP provided legal counsel to Insight Acquisition Corp
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Market Impact and Future Outlook
The successful completion of this SPAC merger and subsequent public listing represents a significant milestone for Alpha Modus. It not only provides the company with access to public markets but also potentially enhances its ability to scale its AI-driven retail technologies
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.As the retail sector continues to evolve with the integration of advanced technologies, Alpha Modus's public debut could signal increased investor interest in companies at the intersection of AI and retail innovation. The company's focus on enhancing in-store digital experiences aligns with the growing trend of digital transformation in traditional retail environments
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.Cautionary Note on Forward-Looking Statements
Both Alpha Modus and Insight Acquisition Corp. have issued standard cautionary statements regarding forward-looking information. These statements, protected under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995, remind investors that actual results may differ from projections and expectations expressed in the announcement
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.As Alpha Modus transitions into its new phase as a publicly-traded company, market observers will be keen to see how it leverages this new status to advance its AI-driven retail solutions and compete in the rapidly evolving tech-retail landscape.
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