Item 8.01. Other Events.
On November 29, 2022, Empowerment & Inclusion Capital I Corp. (the "Company")
issued a press release announcing that because the Company is unable to
consummate an initial business combination within the time period required by
its Amended and Restated Certificate of Incorporation (the "Amended Charter"),
the Company intends to dissolve and liquidate in accordance with the provisions
of the Amended Charter and will redeem all of the outstanding shares of Class A
common stock that were included in the units issued in its initial public
offering (the "Public Shares"), at a per-share redemption price of approximately
$10.09.
As of the close of business on December 14, 2022, the Public Shares will be
deemed cancelled and will represent only the right to receive the redemption
amount.
In order to provide for the disbursement of funds from the trust account, the
Company will instruct the trustee of the trust account to take all necessary
actions to liquidate the securities 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. The redemption of the Public Shares is expected to be
completed within ten business days after December 14, 2022.
The holders of the Company's outstanding Class B common stock have agreed to
waive their redemption rights with respect to the outstanding Class B common
stock issued prior to the Company's initial public offering. There will be no
redemption rights or liquidating distributions with respect to the Company's
warrants, which will expire worthless.
The Company expects that the New York Stock Exchange will file a Form 25 with
the United States Securities and Exchange Commission (the "Commission") to
delist the Company's 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. The Company anticipates that the
Public Shares will cease trading as of the close of business on December 13,
2022.
A copy of the press release is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are filed with this Form 8-K:
Exhibit No. Description of Exhibits
99.1 Press Release, dated November 29, 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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