Fintech Ecosystem Development Corp. (NasdaqGM:FEXD) executed a letter of intent to acquire Rana Financial, Inc. for $93 million on March 11, 2022. Fintech Ecosystem Development Corp. entered into a definitive agreement to acquire Rana Financial, Inc. for $78.9 million on September 9, 2022. FEXD shall pay a combination of Rana Cash Consideration of $7.8 million and Rana Equity Consideration of 7.02 million shares subject to adjustments for Working Capital and Debt, which adjustments shall be secured by an escrow amount equal to $5.7 million (the ?Rana Escrow Amount?). In a related transaction, Fintech Ecosystem Development Corp. entered into a definitive agreement to acquire Mobitech International LLC (Afinoz) at an enterprise value of $120 million. A subsidiary of FEXD will be merged with and into Rana, and FEXD will purchase Afinoz, with Rana and Afinoz surviving the transactions as wholly-owned subsidiaries of FEXD. Upon closing the transactions, the combined company is expected to remain listed on the NASDAQ and trade under the existing ticker symbol "FEXD".

The boards of directors of both FEXD, Rana and Afinoz have unanimously approved the proposed transactions, subject to, among other things, the approval by FEXD's stockholders, the shares of New Acquiror Class A Common Stock to be issued in connection with the Proposed Rana Transactions shall have been approved for listing on Nasdaq and satisfaction or waiver of the other conditions stated in the definitive documentation. The deal is expected to be completed in the first quarter of 2023. As of October 17, 2022, Fintech board of directors have approved to extend the date by which Fintech has to consummate a business combination from October 21, 2022 to January 21, 2023. As of January 20, 2023, Revofast has deposited an aggregate of $1.15 million, into FEXD?s trust account. Accordingly, the date by which FEXD has to consummate a business combination has been extended from January 21, 2023 to April 21, 2023 (the ?Extension?).

Constantine Petropoulos of Hughes Hubbard & Reed LLP is serving as legal advisor and Houlihan Capital is serving as financial advisors to FEXD. David Kretzmer of Kretzmer & Associates, PLLC is serving as legal advisor to Rana. EF Hutton, division of Benchmark Investments, LLC, is serving as capital markets advisor. Continental Stock Transfer & Trust Company served as transfer agent to Fintech Ecosystem. Morrow & Co., LLC served as proxy solicitor to Fintech Ecosystem and will receive a fee of $27,500 for its services.

Fintech Ecosystem Development Corp. (NasdaqGM:FEXD) cancelled the acquisition of Rana Financial, Inc. on May 12, 2023. The Rana Agreement was terminated with immediate effect pursuant to Section 9.01(h) of the Rana Agreement, which permits such termination if certain required financial statements (together with an unqualified report therein of the auditors of Rana and its subsidiaries, if applicable) are not delivered on or before the deadlines specified in the Rana Agreement. On September 30, 2023, Fintech and Rana entered into the Rana Settlement Agreement to resolve the lawsuit. Pursuant to the Rana Settlement Agreement, Fintech agreed to deliver 2,600,000 shares of Fintech to Rana as soon as its registration statement on Form S -1 is declared effective following the consummation of its initial Business Combination or by no later than April 21, 2024, whichever occurs first. Andrew Tucker and Peter Strand of Nelson Mullins Riley & Scarborough LLP acted as legal advisors to Fintech Ecosystem Development. Fexd Board received a fairness opinion from Houlihan Capital, L.L.C.