NEW
YORK, Sept. 5, 2023 /PRNewswire/ -- Altimar
Acquisition Corp. III (NYSE. ATAQ) (the "Company"), a
publicly-traded special purpose acquisition company, today
announced that it will redeem all of its outstanding Class A
ordinary shares, par value $0.0001
(the "public shares"), effective as of September 22, 2023, because the Company will not
consummate an initial business combination within the time period
required by its amendment to the amended and restated memorandum
and articles of association (the "Amended and Restated Memorandum
and Articles of Association").
As stated in the Company's Amended and Restated Memorandum and
Articles of Association, if the Company is unable to complete an
initial business combination by September 8,
2023, the Company will: (i) cease all operations except for
the purpose of winding up; (ii) as promptly as reasonably possible
but not more than ten business days thereafter, redeem the public
shares, at a per-share price, payable in cash, 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 (less taxes paid or payable, if
any, and up to US$100,000 of interest
to pay dissolution expenses), divided by the number of then public
shares in issue, which redemption will completely extinguish public
members' rights as members (including the right to receive further
liquidation distributions, if any); and (iii) as promptly as
reasonably possible following such redemption, subject to the
approval of the Company's remaining members and the directors,
liquidate and dissolve, subject in each case to its obligations
under Cayman Islands law to
provide for claims of creditors and other requirements of
Applicable Law.
The per-share redemption price for the public shares will be
approximately $10.34 (the "Redemption
Amount"). The balance of the trust account as of June 30, 2023 was approximately $41,658,542, which includes approximately
$467,329 in interest income (excess
of cash over $41,191,213, the funds
deposited into the trust account). In accordance with the terms of
the related trust agreement, the Company expects to retain, from
the interest and dividend income from the trust account, any taxes
paid or payable and up to $100,000 to
pay dissolution expenses. Accordingly, there is expected to be a
total of $41,558,542 available for
redemption of the 4,019,039 public shares outstanding, which
results in a redemption price of approximately $10.34 per share.
The last day that the Company's securities will trade on the
NYSE will be September 8, 2023. As of
September 22, 2023, the public shares
will be deemed cancelled and will represent only the right to
receive the Redemption Amount.
The Redemption Amount will be payable to the holders of the
public shares upon presentation of their respective stock or
unit certificates or other delivery of their shares or units to the
Company's transfer agent, Continental Stock Transfer &
Trust Company. 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, which will expire
worthless.
The Company's sponsor has waived its redemption rights with
respect to the outstanding founder shares and the shares
underlying the private placement warrants. After September 22, 2023, the Company shall cease all
operations except for those required to wind up the Company's
business.
The Company expects that NYSE will file a Form 25 with the
United States Securities and Exchange Commission (the
"Commission") to delist its securities. The Company thereafter
expects to file a Form 15 with the Commission to terminate the
registration of its securities under the Securities Exchange Act of
1934, as amended.
Forward-Looking Statements
This press release may include, and oral statements made from
time to time by representatives of Altimar Acquisition Corp. III
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. Statements
regarding possible business combinations and the financing thereof,
and related matters, as well as all other 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," "continue," "could," "estimate,"
"expect," "intend," "may," "might," "plan," "possible,"
"potential," "predict," "project," "should," "would" 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
Securities and Exchange Commission ("SEC"). All subsequent written
or oral forward-looking statements attributable to the Company or
persons acting on its 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 annual form on Form 10-K for the fiscal year ended
December 31, 2022, filed with the SEC
on March 30, 2023. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
Contact:
Altimar Acquisition Corp. III
info@altimarspac.com
HPS Investment Partners, LLC
Prosek Partners
Mike Geller / Josh Clarkson
mgeller@prosek.com / jclarkson@prosek.com
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SOURCE Altimar Acquisition Corp. III