The announcement of a successful business combination significantly impacted InFinT Acquisition Corporation’s (NYSE: IFIN) stock performance, leading to a notable recovery after market close. IFIN shares surged by 19.11% in after-hours trading, reaching $7.48, following a substantial 37.20% decline during the regular trading session, where the stock closed at $6.28.
Completion of Business Combination and Rebranding
InFinT Acquisition (IFIN), in collaboration with Seamless Group Inc., a prominent global fintech platform, announced the completion of their previously disclosed business combination. As a result, starting from today, the merged entity will operate under the new name “CURRENC Group Inc.” The company’s ordinary shares are set to trade on The Nasdaq Stock Market LLC under the ticker symbol “CURR.”
Leadership Continuity and Strategic Objectives
The leadership team of Seamless will continue to steer CURRENC Group Inc. Ronnie Ka Wah Hui will maintain his role as Chief Executive Officer, with Alexander King Ong Kong, the founder of Seamless, serving as Executive Chairman of the Board, and Hagay Ravid as Chief Financial Officer. This leadership team is poised to advance CURRENC’s strategic objectives, focusing on building the company’s global fintech platform and enhancing shareholder value.
Strategic Listing on Nasdaq and Market Expansion
The transition to Nasdaq is a strategic move that positions CURRENC to bolster its market presence, expand into new territories, and solidify its reputation as a leading global remittance hub. InFinT’s prior announcement highlighted the decision to voluntarily delist its units and Class A ordinary shares from the New York Stock Exchange (NYSE), contingent upon the closing of the business combination.
The company anticipated that trading on Nasdaq would commence around August 21, 2024, under the symbol “CURR,” coinciding with the final day of trading on the NYSE around August 20, 2024. With the successful completion of the business combination, InFinT has effectively navigated this significant corporate transition.
