(Alliance News) - Financials Acquisition Corp on Friday said it is seeking an extension to the deadline by which its proposed business combination must be completed.

The special purpose acquisition company focused on insurance technology said that the extension, in order to allow "sufficient time" for the firm to pursue the transaction and complete the combination, will see the deadline pushed back by five months and 18 days, until December 31.

Currently, the deadline on July 13. An extension would require an amendment to its articles of association, which require the combination to take place by July 13.

The firm said earlier this week that it has identified a business combination opportunity, adding that it would involve raising additional capital and becoming a listed operating company and deploying funds into the Lloyds of London insurance market for reinvestment purposes.

"The company remains confident that with the benefit of the extension it would be able to complete this or another Business Combination," the firm said.

The firm has called a general meeting for July 10 to approve the extension and to amend the articles of association.

Financials Acquisition shares were quoted at 1,050.00 pence each on Friday afternoon, having last traded at 1,040.00p each on Wednesday last week.

By Harvey Dorset, Alliance News reporter

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