OPY Acquisition Corp I Announces Intent to Liquidate
18 Diciembre 2023 - 6:30AM
Business Wire
OPY Acquisition Corp I (NASDAQ: OHAA) (the “Company”) announced
today that it will be unable to consummate an initial business
combination and intends to dissolve and liquidate in accordance
with the provisions of its Amended and Restated Certificate of
Incorporation, as amended (“Liquidation”).
On October 26, 2023, stockholders of the Company approved an
extension of the deadline by which the Company must consummate a
business combination to June 30, 2024 (the “Final Deadline”) on a
month-to-month basis. Each monthly extension required a payment
into the trust account established in connection with the Company’s
initial public offering (the “Trust Account”) equal to the lesser
of (i) $35,000 or (ii) $0.015 per share of Class A common stock
that were included in the units issued in the Company’s initial
public offering (the “Public Shares”). To date, the Company made
two monthly extensions to December 29, 2023. After careful
consideration of the current SPAC market and after having completed
an extensive search, the Company has determined it would be unable
to deliver and fund a high quality value enhancing transaction to
stockholders even with another extension. Therefore, the Company
determined not to further extend the term the Company has to
complete an initial business combination and instead proceed with
the Liquidation.
As of the close of business on December 28, 2023, the Public
Shares will be deemed cancelled, and each Public Share will
represent only the right to receive a redemption amount equal to
the aggregate amount then on deposit in the Trust Account,
including interest earned on the funds held in the Trust Account
and not previously released to the Company to pay the Company’s
franchise and income taxes (less up to $100,000 of interest to pay
dissolution expenses), divided by the number of then issued and
outstanding Public Shares. The Company anticipates that the last
day of trading of the Public Shares and the Company's publicly
traded units and warrants will be on or around December 27, 2023
and trading of Public Shares will be suspended effective before the
opening of markets on December 28, 2023.
In order to provide for the disbursement of funds from the Trust
Account, the Company has instructed the trustee of the Trust
Account to take all necessary actions to liquidate the funds held
in the Trust Account. The proceeds of the Trust Account will be
held in a non-interest bearing account while awaiting disbursement
to the holders of the Public Shares. Record holders will receive
their pro rata portion of the proceeds of the Trust Account by
delivering their Public Shares to Continental Stock Transfer &
Trust Company, the Company’s transfer agent. Beneficial owners of
Public Shares held in “street name,” however, will not need to take
any action in order to receive the redemption amount. There will be
no redemption rights or liquidating distributions with respect to
the Company’s warrants. The Company’s sponsor will not be entitled
to liquidating distributions from the Trust Account as a result of
their ownership of shares of Class A common stock that were
previously converted from Class B common stock.
The Company expects that Nasdaq will file a Form 25 with the
United States Securities and Exchange Commission (the “SEC”) to
delist the Company’s securities. The Company thereafter expects 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 OPY Acquisition Corp I
The Company is a blank check company formed for the purpose of
effecting a merger, amalgamation, share exchange, asset
acquisition, share purchase, reorganization or similar business
combination with one or more businesses.
Forward-Looking Statements
This press release may include “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements other than statements of historical fact
included in this press release are forward-looking statements. When
used in this press release, words such as “anticipate,” “believe,”
“estimate,” “expect,” “intend” and similar expressions, as they
relate to us or our management team, identify forward-looking
statements. Such forward-looking statements are based on the
beliefs of management, as well as assumptions made by, and
information currently available to, the Company’s management.
Actual results could differ materially from those contemplated by
the forward-looking statements as a result of certain factors
detailed in the Company’s filings with the SEC. All subsequent
written or oral forward-looking statements attributable to us or
persons acting on our behalf are qualified in their entirety by
this paragraph. Forward-looking statements are subject to numerous
conditions, many of which are beyond the control of the Company,
including those set forth in the Risk Factors section of the
Company’s registration statement and prospectus for the Company’s
initial public offering filed with the SEC. Copies of such filings
are available on the SEC’s website, www.sec.gov. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231218214350/en/
Investor: Jonathan B. Siegel Chairman and Chief Executive
Officer jsiegel@opyacq.com
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