WinVest Acquisition Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>WinVest Acquisition Corp. has filed its 2023 10-K annual report, detailing its financial status and corporate information.</b>

AI Summary

WinVest Acquisition Corp. (WINVW) filed a Annual Report (10-K) with the SEC on April 15, 2024. WinVest Acquisition Corp. filed its annual report on Form 10-K for the fiscal year ending December 31, 2023. The company's SIC code is 6770 (BLANK CHECKS). Incorporated in Delaware, the company's fiscal year ends on December 31. The filing was made on April 15, 2024. The company's business and mailing address is located at 125 CambridgePark Drive, Suite 301, Cambridge, MA 02140.

Why It Matters

For investors and stakeholders tracking WinVest Acquisition Corp., this filing contains several important signals. This 10-K filing provides a comprehensive overview of WinVest Acquisition Corp.'s financial performance and operational status for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. As a blank check company (SPAC), understanding the details of its structure, share classes, and any amendments or proposals is key to evaluating its potential for a business combination.

Risk Assessment

Risk Level: low — WinVest Acquisition Corp. shows low risk based on this filing. The company is a blank check company with no significant operations or revenue, making its value primarily tied to its trust account and the success of its future acquisition. The filing itself does not indicate any specific operational or financial risks beyond the inherent nature of a SPAC.

Analyst Insight

Investors should review the details of the company's structure, including its units, common stock, warrants, and rights, as well as any disclosed extension amendments or proposals, to understand its current status and potential path forward.

Financial Highlights

revenue

0

revenue Growth

0%

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-04-15 — Filing Date (Date of submission)
• 001-40796 — SEC File Number (SEC registration number)
• 6770 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• WinVest Acquisition Corp. (company) — Filer name
• 6770 (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• 125 CambridgePark Drive, Suite 301, Cambridge, MA 02140 (company) — Business Address
• 001-40796 (regulator) — SEC File Number
• 2023-12-31 (date) — Fiscal Year End
• 2024-04-15 (date) — Filing Date

FAQ

Risk Factors

• Lack of Business Operations [high — financial]: As a blank check company, WinVest Acquisition Corp. has no commercial operations or revenues, and its activities are limited to identifying a target business for a business combination.
• Redemption of Securities [medium — financial]: The company's structure involves redeemable securities, and the potential for significant redemptions by public stockholders could impact the amount of capital available for a business combination.
• Trust Account Limitations [medium — financial]: The funds held in the company's trust account are subject to potential claims and expenses, which could reduce the net proceeds available for a business combination.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-04-15: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.0001 — ck Market LLC Common Stock, par value $0.0001 per share WINV The Nasdaq Stock Mar
• $116,150,000 — Company, acting as trustee, into which $116,150,000 in proceeds from the Initial Public Off
• $12.5 million — our public stockholders, approximately $12.5 million remained in the Trust Account as of Dec
• $11.50 — of Common Stock at an exercise price of $11.50 per whole share, subject to adjustment
• $10.00 — Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of
• $100,000,000 — per Unit, generating gross proceeds of $100,000,000 (before underwriting discounts and comm
• $0.50 — Warrants, the "Warrants") at a price of $0.50 per Private Warrant to the sponsor, gen
• $5,000,000 — e sponsor, generating gross proceeds of $5,000,000 (such sale, collectively with the sale
• $15,000,000 — t Units"), generating gross proceeds of $15,000,000 on September 27, 2021. Simultaneously w
• $450,000 — Warrants, generating gross proceeds of $450,000. The net proceeds from the Initial Pu
• $106.0 million — gate redemption amount of approximately $106.0 million. Following such redemptions, 1,143,123

Filing Documents

• form10-k.htm (10-K) — 1365KB
• ex31-1.htm (EX-31.1) — 19KB
• ex32-1.htm (EX-32.1) — 8KB
• ex97-1.htm (EX-97.1) — 37KB
• 0001493152-24-014685.txt (&nbsp;) — 5107KB
• winv-20231231.xsd (EX-101.SCH) — 33KB
• winv-20231231_cal.xml (EX-101.CAL) — 41KB
• winv-20231231_def.xml (EX-101.DEF) — 181KB
• winv-20231231_lab.xml (EX-101.LAB) — 310KB
• winv-20231231_pre.xml (EX-101.PRE) — 252KB
• form10-k_htm.xml (XML) — 530KB

BUSINESS

ITEM 1. BUSINESS. 5

RISK FACTORS

ITEM 1A. RISK FACTORS. 20 ITEM IB. UNRESOLVED STAFF COMMENTS. 46

PROPERTIES

ITEM 2. PROPERTIES. 47

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS. 47

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES. 47 PART II 48

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. 48

[RESERVED]

ITEM 6. [RESERVED]. 50

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. 50

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 56

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. 56

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. 56

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES. 56

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION. 58

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. 58 PART III 58

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE. 58

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION. 65

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. 6 6

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE. 6 7

PRINCIPAL ACCOUNTING FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES. 69 PART IV 70

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES. 70

SIGNATURES

SIGNATURES 73 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Some of the statements contained in this Annual Report on Form 10-K may constitute "forward looking statements" for purposes of the federal securities laws. Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "seek," "should," "will," "would" and variations and similar words and expressions may identify forward looking statements, but the absence of these words does not mean that a statement is not forward looking. The forward-looking statements contained in this Annual Report on Form 10-K are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including, but not limited to: our ability to complete our Initial Business Combination (as defined below); the anticipated benefits of an Initial Business Combination; the recent issuance by the Securities and Exchange Commission (the "SEC") of final rules to regulate special purpose acquisition companies; the risk of being deemed an "investment company" for purposes of the Investment Company Act of 1940, as amended (the "Inv

Business

Business Trefis is a business and financial data analytics and technology company, which was founded and is partially owned by members of our Sponsor, WinVest SPAC LLC, and certain members of our board of directors (including our Chief Executive Officer). Trefis is headquartered in Cambridge, MA, and owns www.Trefis.com, as well as the Trefis Technology. Trefis utilizes the Trefis Technology to develop and produce business and financial research and analysis. The research and analysis produced by the Trefis Technology reaches millions of users directly and through partnerships with its media, online brokerage, and other clients. In 2018, Trefis launched a major, organization-wide initiative, with an end-goal of creating a system that operates with an effectiveness equivalent to that of a group of over one million analysts. This initiative included the build out of advanced research and analytical systems driven by proprietary machine learning algorithms, databases, and methodologies. The novel system learns from approaches of successful investors and executives, performs millions of calculations, and produces 10,000+ analyses and insights monthly. Assessments of the rapidly evolving system to date have produced promising, actionable results, attracted investor capital, and received broad partnership interests. Concurrently with our Initial Business Combination, if we determine the Trefis Technology would add value to a target company, we may merge with Trefis. The resulting combined company would inherit our Nasdaq listing and its securities would be publicly traded. We believe that the combination of Trefis, us and a target business in the financial services industry would allow the resulting combined company to leverage Trefis's technology platform and our experienced management team and offer significant synergies and long-term value creation opportunities for our stockholders and serve as a platform for further growth. 7 We have not entered into any le

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