Xtribe, Technology-driven Geolocation-based Commerce Platform, to Go Public on Nasdaq through Proposed Business Combination with WinVest Acquisition Corp. (NASDAQ

WINV)

London, UK; Cambridge, MA, May 09, 2024 (GLOBE NEWSWIRE) -- Xtribe P.L.C. (“Xtribe”), a technology-driven platform that matches sellers of goods and services with local buyers, and WinVest Acquisition Corp. (“WinVest”) (NASDAQ: WINV), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive business combination agreement (the “Business Combination Agreement”) with respect to a proposed business combination that is expected to result in the combined company becoming publicly listed on Nasdaq upon the closing of the transaction (the “Proposed Transaction”). Upon closing, the combined company will be renamed “Xtribe Holdings Limited”.

Xtribe's platform is designed to enable individuals and businesses to easily trade goods and services either online or in-person by creating a virtual marketplace where users can discover, buy, and sell a wide range of products. With a focus on convenience and accessibility, Xtribe leverages advanced technologies, such as artificial intelligence and data analytics, to enhance the user experience. The platform offers features like personalized recommendations and real-time messaging to ensure efficient and secure transactions for both buyers and sellers. Xtribe seeks to empower small and medium-sized enterprises (“SMEs”) by providing them with simple and easy access to a digital presence in order to attract new customers. Xtribe also aims to support cities, towns, and neighborhoods by building local, loyal connections between buyers and sellers who want to interact face to face.

Enrico Dal Monte, Founder and Chief Executive Officer of Xtribe, commented, “We are grateful for WinVest’s commitment to our vision to change the face of e-commerce. As a listed company following the Proposed Transaction, we believe we will be able to play a leading role in the evolving global retail landscape, leveraging digital innovation with the intent to drive sales and make new connections for traditional retailers and consumers.”

Manish Jhunjhunwala, Chief Executive Officer of WinVest, said “WinVest is excited to provide a launchpad for Xtribe in the US market with a public listing. Xtribe’s goal to drive business for SMEs is inspiring, and we look forward to working with their team to drive this deal to close.”

Key Transaction Terms

The Business Combination Agreement values Xtribe at an implied equity value of approximately $141 million, assuming no redemption by WinVest’s existing public stockholders and subject to adjustment that may include additional investments in Xtribe or WinVest prior to the closing of the Proposed Transaction). Additional earnout shares may be issuable to Xtribe stockholders over time, upon achievement of certain trading price-based and/or profitability targets.