KINS Technology Group Inc. Shareholders Approve Extension For Consummation Of Business Combination To Acquire Workplace Experience Platform

KINS Technology Group Inc. ("KINS" or the "Company") (Nasdaq: "KINZ" ,"KINZU" for units ,"KINZW" for warrants) announced that its stockholders have approved an extension of the date by which the Company must consummate a business combination from December 16, 2022 to June 15, 2023 (or such earlier date as determined by KINS's board of directors) (the "Extension") at the special meeting of stockholders held on December 9, 2022 (the "Special Meeting"). The Extension provides KINS with additional time to complete the previously announced proposed business combination (the "Business Combination") with CXApp Holding Corp. ("CXApp").
 

Khurram P. Sheikh, Chairman & Chief Executive Officer of KINS, commented on the results of the meeting: "We are happy to report that more than 99% of the votes cast by our stockholders supported the extension, which will allow us additional time to complete our business combination with CXApp. With this vote of approval, we will continue to work towards completing a successful business combination that we believe will enhance growth opportunities for the business and increase stockholder value for this company."

KINS Capital LLC, the sponsor, will contribute to the Company as a loan $0.04 for each share of Class A Common Stock that is not redeemed in connection with the stockholder vote to approve the Extension for each month until the earlier of the date of the stockholder meeting held in connection with the stockholder vote to approve the Business Combination, or the date that $225,000 has been loaned.

The Company previously extended the period of time it has to consummate its initial business combination from June 17, 2022 to December 16, 2022.

Business Combination

On September 25, 2022, KINS entered into a definitive business combination agreement pursuant to which it would acquire CXApp and its workplace experience app platform and technologies, indoor mapping, events platform, augmented reality and related business solutions in exchange for 6.9 million shares of KINS capital stock valued at $69 million. Upon the closing of the Business Combination, which is expected in early first quarter of 2023, the combined company will be re-named CXApp Inc. and plans to list on Nasdaq, under the new ticker symbol, "CXAI."