DALLAS, Jan. 11,
2023 /PRNewswire/ -- Financial Strategies Acquisition
Corp. (NASDAQ: FXCO, the "Company"), a special purpose acquisition
company, announced today that its Board of Directors (the "Board")
has approved an extension of the period of time available to the
Company to consummate an initial business combination by one month
from January 14, 2023 to February 14, 2023 (the "Termination Date"), as
permitted under the Company's amended and restated certificate of
incorporation, as amended. The purpose of the extension is to
provide additional time for the Company to complete an initial
business combination.
In connection with the extension, Temmelig Investor LLC, an
affiliate of the Company's co-sponsors (the "Lender"), has
deposited $50,000 (representing
approximately $0.081 per unredeemed
share of Class A common stock issued in the Company's initial
public offering) into the trust account established in connection
with the Company's initial public offering pursuant to the
Company's second drawdown upon an unsecured promissory note in the
aggregate principal amount of $600,000 issued by the Company to the Lender on
December 9, 2022. The promissory note
bears no interest and is convertible at the option of the Lender
upon the consummation of an initial business combination into
private units of the Company identical to the private placement
units issued at the time of the Company's initial public offering
at a conversion price of $10.00 per
private unit. The Board may elect to further extend the Termination
Date on a monthly basis until December 14,
2023 upon the deposit of an additional $50,000 into the trust account per monthly
extension.
About Financial Strategies
Acquisition Corp.
Financial Strategies Acquisition Corp. is a blank check company
formed for the purpose of effecting a merger, share exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses.
Forward-Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward-looking statements are
statements that are not historical facts. Such forward-looking
statements, including statements about the successful consummation
of the Company's initial business combination, are subject to risks
and uncertainties, which could cause actual results to differ from
those contemplated by the forward-looking statements.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of the Company, including those set
forth in the Risk Factors section of the Company's registration
statement and prospectus for the Company's initial public offering
and other reports filed with the Securities and Exchange
Commission. The Company expressly disclaims any obligations or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is
based, except as required by law.
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SOURCE Financial Strategies Acquisition Corp.
