PALO ALTO, Calif., December 14, 2022 (GLOBE NEWSWIRE) — KINS Technology Group Inc. (“KINS” or the “Company”) (Nasdaq: “KINZ”, “KINZU” for units, “KINZW” for warrants ) announced that its shareholders 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 the Board of Directors of KINS may determine) (the “Extension” ). at the special meeting of shareholders on December 9, 2022 (the “Special Meeting”). The extension provides KINS additional time to complete the previously announced proposed business combination (the “Business Combination”) with CXApp Holding Corp. (“CXApp”).

Commenting on the results of the meeting, Khurram P. Sheikh, Chairman & Chief Executive Officer of KINS said: “We are pleased to report that over 99% of the votes cast by our shareholders supported the extension which will buy us additional time Completion of our business combination with CXApp. With this approval vote, we will continue to work toward the completion of a successful business combination that we believe will enhance growth opportunities for the company and enhance shareholder value for this company.”

KINS Capital LLC, the sponsor, will provide the Company with a loan of $0.04 for each Class A common share raised in connection with the shareholder’s vote approving the extension for each month until the date of the shareholder, depending on whichever is earlier, shall not be rescinded any general meeting held in connection with the stockholder vote approving the business combination or the date on which $225,000 was borrowed.

The Company previously extended the period it has for the completion of its original business combination from June 17, 2022 to December 16, 2022.

business combination

On September 25, 2022, KINS entered into a definitive business combination agreement under which it would acquire CXApp and its app platform and technologies for workplace experiences, indoor mapping, events platform,…