SAN FRANCISCO–(BUSINESS WIRE)–May 26, 2022–
Trepont Acquisition Corp I (the “Company”) announced today that it will redeem all of its outstanding Class A common shares (the “Class A Shares”), effective June 10, 2022, as the Company will not realize no initial combination activity within the time required by its amended and restated memorandum and bylaws (the “Bylaws”).
As set out in the Company’s Articles of Association, if the Company does not complete a first business combination within 18 months of the closing of the Company’s initial public offering, i.e. June 4, 2022, the Company: (i) shall cease all business except for the purposes of liquidation, (ii) as soon as reasonably practicable but not more than ten business days thereafter, redeem the Class A Shares, at a price per share, payable in cash, equal the total amount then on deposit in the Company’s Trust Account (the “Trust Account”) held with Continental Stock Transfer & Trust Company (“Continental”), including interest earned on funds held in the trust (less taxes payable and up to $100,000 in interest income to pay termination costs), divided by the number of Class A shares then outstanding, the redemption of which will completely extinguish the rights of the holders of Class A shares (including the right to receive further liquidation distributions, if any), and (iii) as soon as reasonably practicable after such redemption, subject to the approval of the remaining shareholders and the Board of administration, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the obligations of the Company under Cayman Islands law to provide for the claims of creditors and in any case subject to any other requirements applicable law.
After deducting taxes and termination fees, the redemption price per Class A Shares is expected to be approximately $10.10 (the “Redemption Amount”).
The Company had previously scheduled an extraordinary general meeting of shareholders (“AGE”) on May 27, 2022 to vote on a proposal to extend the period provided for by the articles of association during which the Company may carry out a first business combination. In light of the Company’s decision to redeem all Class A shares, the Company will propose at the EGM that the only item on the agenda be a proposal to adjourn the meeting indefinitely.
The Company anticipates that the Class A Shares will cease trading at the close of business on June 9, 2022. Effective June 10, 2022, the Class A Shares will be deemed canceled and will only represent the right to receive the amount of the redemption. After June 10, 2022, the Company will cease all activities except those necessary for the liquidation of the activities of the Company.
There will be no redemption rights or liquidation distributions with respect to the Company’s Warrants, which will expire worthless. The original shareholders of the Company waived their redemption rights with respect to the outstanding Class B common shares issued prior to the Company’s initial public offering.
In order to arrange for the disbursement of funds from the trust account, the Company has instructed Continental to take all necessary steps to liquidate the trust account. Registered holders may redeem their shares for their pro rata share of the proceeds of the trust account upon presentation of their respective share or unit certificates or other delivery of their shares or units to Continental, the Company’s transfer agent. . However, beneficial owners of Class A Shares held in “street name” will not need to take any action to receive the redemption amount. Redemption of Class A Shares is expected to be completed within ten business days of June 4, 2022.
The Company expects the New York Stock Exchange to file a Form 25 with the United States Securities and Exchange Commission (the “SEC”) to delist its securities. The Company then plans to file a Form 15 with the SEC to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended.
About Trepont Acquisition Corp I
Trepont Acquisition Corp I was formed for the purpose of effecting a merger, amalgamation, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. For more information, visit www.trepontac.com.
Caution Regarding Forward-Looking Statements
Certain statements contained in this press release may be considered forward-looking statements. Forward-looking statements generally relate to future events or the future financial or operating performance of the Company. For example, statements regarding the expected timing of the completion of the business combination, the benefits of the business combination, the competitive environment and expected future performance (including future revenues, pro forma enterprise value and cash balance) and market opportunities are forward-looking statements. In some instances, you can identify forward-looking statements by words such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, ” anticipates”, “believes”, “predicts”, “potential” or “continues”, or the negative terms of these terms or their variations or similar terminology. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements are based on estimates and assumptions that, although considered reasonable by the Company, are inherently uncertain.
Nothing in this press release should be taken as a representation by anyone that the forward-looking statements set forth herein will be realized or that any of the results contemplated by such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements.
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KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
KEYWORD INDUSTRY: FUNDING OF PROFESSIONAL SERVICES
SOURCE: Trepont Acquisition Corp I
Copyright BusinessWire 2022.
PUBLISHED: 05/26/2022 6:15 PM / DISK: 05/26/2022 6:16 PM