Scottsdale, AZ, Might 26, 2023 (GLOBE NEWSWIRE) — Senior Connect Acquisition Corp. I (the “Business”) (Nasdaq: SNRH), announced currently that the Company’s board of directors unanimously voted to accelerate the deadline by which the Business have to total the initial company mixture to June eight, 2023. Accordingly, the Business will not total the initial company mixture inside the time period which calls for its amended and restated certificate of incorporation (as amended on December 12, 2023, the “Amended Charter”). As a outcome, the Business intends to dissolve and liquidate in accordance with the provisions of the Amended Charter, powerful as of the close of company on June 9, 2023, and will redeem all outstanding shares of Class A frequent stock integrated in the units issued in its initial public supplying. public supplying (the “Public Shares”), at an estimated obtain price tag per share of roughly $ten.03 (immediately after deducting anticipated liquidation fees and the Company’s tax liabilities).
Richard Burke, the company’s chief executive officer and president, issued the following statement on behalf of the business: “We appreciate the help and patience of our investors more than the previous various years, in the course of which we have evaluated actually hundreds of prospective possibilities. In spite of reaching the letter of intent stage with a quantity of prospective prospects, we discovered none that merited closure. The troubles have been various, but at the finish of the day, we did not really feel it would carry out nicely in the aftermarket. This conclusion was no doubt influenced by the damaging alterations in the market place more than the previous year plus the post-public functionality of numerous of the firms connected with the SPAC in a down market place. Regardless, we are happy that discontinuing Senior Connect is the correct choice at this time. After once more, thank you to our investors for their help and trust in us.”
At the close of company on June 9, 2023, the Public Shares will be deemed canceled and will represent only the correct to get the redemption quantity.
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In order to make certain the payment of funds from the trust account, the Business ordered the trustee of the trust account to take all important actions for the liquidation of the securities that are in the trust account. Revenue from the trust account will be held in a non-interest-bearing account pending payment to holders of public shares. Holders of record will get their pro rata share of the trust account proceeds by surrendering their public shares to Continental Stock Transfer & Trust Business, the Company’s transfer agent. Nevertheless, useful owners of public shares held in “street name” will not require to take any action to get the redemption quantity. It is anticipated that the obtain of public shares will be completed inside ten company days immediately after June 9, 2023.
The Business Sponsor has agreed to waive its redemption rights with respect to its outstanding Class B frequent stock issued prior to the Company’s initial public supplying. There will be no redemption rights or liquidating distributions in respect of the Company’s warrants, which will expire worthless.
The Business expects that Nasdaq Stock Business LLC will file a Kind 25 with the United States Securities and Exchange Commission (the “Commission”) to delist the Company’s securities. The Business thereafter expects to file a Kind 15 with the Commission to deregister its securities below the Securities Exchange Act of 1934, as amended. The business expects the public shares to cease trading at the close of company on June 9, 2023.
This press release includes statements that constitute “forward-searching statements.” Forward-searching statements are topic to a quantity of situations, numerous of which are beyond the Company’s manage, which includes these set forth in the Threat Variables section of the Company’s registration statement and supplying prospectus filed with the SEC. Copies are obtainable on the SEC’s web page, www.sec.gov. The Business undertakes no obligation to update these statements for revisions or alterations immediately after the date of this release, except as needed by law.
Senior Connect Acquisition Corp. I