ExcelFin SPAC LLC - Oct 25, 2023 Form 4 Insider Report for ExcelFin Acquisition Corp. (XFIN)

Role
10%+ Owner
Signature
ExcelFin SPAC LLC, By: Grand Fortune Capital, LLC, its Managing Member, By: Grand Fortune Capital (HK) Company Ltd., its Managing Member, By: Goh Lin Piao, its Director /s/ Goh Lin Piao
Stock symbol
XFIN
Transactions as of
Oct 25, 2023
Transactions value $
$57,500,000
Form type
4
Date filed
10/27/2023, 11:33 AM
Previous filing
Nov 15, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction XFIN Class A Common Stock Conversion of derivative security $57.5M +5.75M $10.00 5.75M Oct 25, 2023 Direct F1, F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Shares of Class B common stock automatically convert into shares of Class A common stock at the time of the Issuer's initial business combination, or earlier at the option of the Reporting Person, on a one-for-one basis, subject to adjustment for share splits, share capitalizations, reorganizations, recapitalizations and the like, and certain anti-dilution rights and have no expiration date. On October 25, 2023, ExcelFin SPAC LLC elected to convert all 5,750,000 shares of Class B common into an equal number of shares of Class A common stock.
F2 Grand Fortune Capital, LLC ("GFC") is the manager of the Reporting Person. As such, GFC may be deemed to have beneficial ownership over the number of shares of Class A common stock held directly by the Reporting Person corresponding to its membership interests in the Reporting Person. Each of the Reporting Person and GFC disclaim any beneficial ownership of the reported shares other than to the extent of any pecuniary interest they may have therein.
F3 Grand Fortune Capital (HK) Company Ltd. ("GFCHK") controls GFC and is managed by an investment committee ("GFCHK Investment Committee") consisting of three members, Goh Lin Piao, James Ouyang and Ralph Cho. Any action by GFC, including voting and dispositive decisions, requires at least a majority vote of the members of the GFCHK Investment Committee. Each member of the GFCHK Investment Committee disclaims beneficial ownership of the shares held by GFC.