Brief: Avila Energy Corp Expects To List On Nasdaq Through Business Combination With Insight Acquisition Corp

Avila Energy

03/04/2023 17:58

April 3 (Reuters) - Avila Energy Corporation: 
    * AVILA ENERGY CORPORATION EXPECTS TO LIST ON NASDAQ THROUGH
BUSINESS COMBINATION WITH INSIGHT ACQUISITION CORP.
    * AVILA ENERGY CORP - COMBINED COMPANY WILL CONTINUE TO
OPERATE AS
"AVILA ENERGY INC." AND INTENDS TO LIST ON NASDAQ STOCK MARKET
    * AVILA ENERGY CORP - LEONARD B. VAN BETUW WILL REMAIN CEO
AND
CHAIRMAN OF BOARD OF RESULTING COMPANY
    * AVILA ENERGY CORP -  AVILA'S SHAREHOLDERS WILL EXCHANGE
THEIR
EXISTING SECURITIES INTO COMBINED CO BASED ON CONVERSION RATIO
SET IN DEAL AGREEMENT
    * AVILA ENERGY CORP - BUSINESS COMBINATION ANTICIPATED TO
CLOSE IN
Q4 OF 2023
    * AVILA ENERGY CORP -  BOARD OF COMBINED CO TO CONSIST OF 7
MEMBERS, INCLUDING FIVE DIRECTORS APPOINTED BY AVILA AND 2
DIRECTORS APPOINTED BY INSIGHT
    * AVILA ENERGY CORP -  BASED ON PRICING OF $10.30 PER SHARE
ON
MARCH 30, MARKET VALUE OF COMBINED COMPANY IS ESTIMATED TO BE
$192.6 MILLION

Source text for Eikon:  ID:nGNX8xDYx1 

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