Item 8.01. Other Events
On
As of the close of business on
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 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
The Company's sponsor has agreed to waive its redemption rights with respect to its outstanding shares of 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 believes that consummation of a suitable initial business
combination is highly improbable, and because redemptions made after
Since the closing of the Company's IPO, the Company's management team has
conducted a thorough search for the right target and evaluated a number of
companies with the goal of completing an initial business combination that met
its investment criteria. Further, the Company's leadership has carefully
evaluated the current adverse market conditions, including a limited pool of
public company-ready business combination partners, the overall decline in the
SPAC market, high redemption rates of SPACs, increased regulatory uncertainty
around SPACs and the deterioration of the PIPE market. Considering these
factors, and despite significant efforts to identify and complete an initial
business combination, the Company's management team does not believe that it
will complete an initial business combination by
The Company expects that the
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. Exhibit No. Description 99.1 Press Release, datedDecember 16, 2022 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1
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