Arena Fortify Acquisition Corp. Obtains Stockholder Approval to Terminate Before Year-End
09 Diciembre 2022 - 7:17PM
Arena Fortify Acquisition Corp. (the “Company”) held a special
meeting of stockholders on December 8, 2022, at 8:00 a.m., Eastern
Time, as a completely virtual meeting, conducted over the internet
via live audio webcast with no physical in-person meeting (the
“Special Meeting”). At this Special Meeting, stockholders approved
certain amendments (collectively, the “Charter Amendment”) to the
Company’s amended and restated certificate of incorporation (the
“Charter”) to, among other things, allow the Company to amend the
date by which the Company must consummate a business combination
from February 15, 2023 to December 9, 2022 (such date, the “Early
Termination Date”).
On December 8, 2022, following the Special
Meeting, the Company filed the Charter Amendment with the Secretary
of State of the State of Delaware. The last day of trading of the
Company’s public shares, warrants and units on the Nasdaq Stock
Market LLC was December 8, 2022.
Because the Company will not be able to complete
an initial business combination by the Early Termination Date, the
Company is obligated to redeem the remaining public shares as
promptly as possible, but not more than 10 business days after the
Early Termination Date (the “Mandatory Redemption”). The Company
expects to complete the Mandatory Redemption on or about December
14, 2022. The redemption price per share in connection with the
Mandatory Redemption will be approximately $10.27. There will be no
redemption rights or liquidating distributions with respect to the
Company’s warrants, which will expire worthless on the Early
Termination Date.
For more information, including specific
information regarding the Mandatory Redemption, please see the
definitive proxy statement filed by the Company with the Securities
and Exchange Commission (the “SEC”) on November 16, 2022.
About Arena Fortify Acquisition
Corp.
Arena Fortify Acquisition Corp., led by Daniel
B. Zwirn, is a blank check company formed for the purpose of
effecting a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization, or similar business combination
with one or more businesses with a focus on acquisition candidates
that have either recently emerged from bankruptcy court protection
or will require incremental capital as part of a balance sheet
restructuring within the broad natural resources industry.
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 the Company or its 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 the Company or persons acting on the Company’s 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
final prospectus relating to the Company’s initial public offering
filed with the SEC. The Company undertakes no obligation to update
these statements for revisions or changes after the date of this
release, except as required by law.
Media Contact:Parag
Shahpshah@arenaco.com
Arena Fortify Acquisition (NASDAQ:AFAC)
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