Alpha Modus to list on Nasdaq via BCA with Insight Acquisition

Alpha Modus and Insight Acquisition announced they have entered into a business combination agreement, BCA, dated as of October 13, 2023, regarding Insight’s proposed acquisition of Alpha Modus. The proposed Business Combination reflects an implied pro-forma enterprise value of approximately $175 million, plus a potential $22 million earn out for Alpha Modus stockholders and a $7.5 million earn out for Insight’s sponsor both payable through the issuance of the combined company’s common stock valued at $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 stockholders and Alpha Modus’ stockholders, the U.S. Securities and Exchange Commission declaring Insight’s registration statement on Form S-4 effective and other customary closing conditions. The parties expect the proposed Business Combination will close in the first quarter of 2024.