Athena Consumer Acquisition Corp. (NYSE: ACAQ.U, ACAQ, ACAQ WS)
(“Athena” or the “Company”), announced today that, in connection
with the previously announced special meeting to be reconvened at
10:30 a.m. Eastern Time on December 21, 2022 (the “Extension
Meeting”) for the purpose of considering and voting on, among other
proposals, a proposal to amend Athena’s Amended and Restated
Certificate of Incorporation (the “Extension Amendment”) to provide
Athena with the right to extend the date (the “Deadline Date”) by
which it must consummate an initial business combination (the
“Extension”) up to six times for an additional one month each time,
from January 22, 2023 to up to July 22, 2023, which is 21 months
from the closing date of Athena’s initial public offering, the
sponsor of Athena, Athena Consumer Acquisition Sponsor LLC (the
“Sponsor”), or its designees will make contributions to the trust
account following the approval of the Extension Amendment and
implementation of the Extension.
If the Extension Amendment is approved at the Extension Meeting
and the Extension is implemented, the Sponsor or its designees will
deposit into the trust account as a loan (a “Contribution”), the
lesser of (x) $121,000 or (y) $0.055 per public share multiplied by
the number of public shares outstanding, on each of the following
dates: (i) January 23, 2023; and (ii) one business day following
the public announcement by Athena disclosing that Athena’s board of
directors has determined to extend the Deadline Date for an
additional month in accordance with the Extension (each date on
which a Contribution is to be deposited into the trust account, a
“Contribution Date”).
The Contributions will be evidenced by a non-interest bearing,
unsecured promissory note and will be repayable by Athena upon
consummation of an initial business combination. If Athena does not
consummate an initial business combination by the Deadline Date,
any such promissory notes will be repaid only from funds held
outside of the trust account or will be forfeited, eliminated or
otherwise forgiven. Any Contribution is conditioned on the approval
of the Extension Amendment and the implementation of the Extension.
No Contribution will occur if the Extension Amendment is not
approved or the Extension is not implemented. If Athena has
consummated an initial business combination or announced its
intention to wind up prior to any Contribution Date, any obligation
to make Contributions will terminate.
Athena will further adjourn the Extension Meeting in the event
that greater than 2,000,000 shares of Class A common stock of
Athena are submitted for redemption and have not been reversed by
the scheduled time of the adjourned Extension Meeting.
Stockholders of record as of November 17, 2022 are entitled to
vote at the Extension Meeting. Stockholders who have not yet done
so are encouraged to vote as soon as possible. Stockholders of
Class A common stock may exercise their right to redeem their
shares for their pro rata portion of the funds available in
Athena’s trust account, or to withdraw any previously delivered
demand for redemption, by 5:00 p.m., Eastern time, December 19,
2022. If any such stockholders have questions or need assistance in
connection with the Extension Meeting, please contact the Company’s
proxy solicitor, Morrow Sodali LLC, by calling (800) 662-5200, or
banks and brokers can call collect at (203) 658-9400, or by
emailing ACAQ.info@investor.morrowsodali.com.
About Athena Consumer Acquisition Corp.
Athena Consumer Acquisition Corp. (NYSE: ACAQ.U, ACAQ, ACAQ WS),
incorporated in Delaware, is a special purpose acquisition company
(“SPAC”) incorporated for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses or entities. The Company is the second SPAC founded by
Isabelle Freidheim, with Jane Park serving as Chief Executive
Officer, Jennifer Carr-Smith as President and Angy Smith as Chief
Financial Officer. All three Athena SPACs have been comprised
entirely of women founders, CEOs, board members and other
executives.
Additional Information and Where to Find It
The Company has filed a definitive proxy statement (as amended,
the “Extension Proxy Statement”) to be used at the Extension
Meeting to approve the Extension Amendment. The Company has mailed
the Extension Proxy Statement to its stockholders of record as of
November 17, 2022 in connection with the Extension. Investors and
security holders of Stockholders are advised to read the Extension
Proxy Statement and any amendments thereto, because these documents
will contain important information about the Extension and the
Company. Stockholders will also be able to obtain copies of the
Extension Proxy Statement, without charge, at the SEC’s website at
www.sec.gov or by directing a request to: Athena Consumer
Acquisition Corp., 442 5th Avenue, New York, NY 10018.
Participants in the Solicitation
The Company and its directors and executive officers may be
deemed to be participants in the solicitation of proxies of the
Company’s stockholders in connection with the Extension. Investors
and security holders may obtain more detailed information regarding
the names and interests of the Company’s directors and officers in
the Company and the Extension in the Company’s Annual Report on
Form 10-K filed with the SEC on March 24, 2022, any subsequent
Quarterly Report on Form 10-Q filed with the SEC and in the other
reports the Company file with the SEC, including the Extension
Proxy Statement. These documents can be obtained free of charge
from the sources indicated above.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“estimate,” “plan,” “project,” “forecast,” “intend,” “will,”
“expect,” “anticipate,” “believe,” “seek,” “target”, “may”,
“intend”, “predict”, “should”, “would”, “predict”, “potential”,
“seem”, “future”, “outlook” or other similar expressions (or
negative versions of such words or expressions) that predict or
indicate future events or trends or that are not statements of
historical matters. These forward-looking statements are not
guarantees of future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
the Company’s control, that could cause actual results or outcomes
to differ materially from those discussed in the forward-looking
statements. Important factors, among others, that may affect actual
results or outcomes include: the risk that approval of the
Company’s stockholders for the Extension is not obtained; the level
of redemptions made by the Company’s stockholders in
connection with the Extension and its impact on the amount of funds
available in the Company’s trust account to complete an initial
business combination; and those factors discussed in the Company’s
Annual Report on Form 10-K filed with the SEC on March 24, 2022,
any subsequent Quarterly Report on Form 10-Q filed with the SEC and
in the other reports we file with the SEC, including the Extension
Proxy Statement. The Company does not undertake any obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
ContactClaire KerrBevel
PRAthena@bevelpr.com
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