Item 1.02. Termination of a Material Definitive Agreement.
On January 6, 2023, IGAC provided written notice (the "Termination Notice") to
the Company, Parent and Merger Sub that it was terminating the BCA pursuant to
Section 9.01(e) of the BCA effective immediately. The Termination Notice also
served as written notice to the Company and Parent that IGAC was terminating the
SID pursuant to clause 11.1(d) of the SID effective immediately.
The foregoing description of the Termination Notice does not purport to be
complete and is qualified in its entirety by the terms and conditions of the BCA
and the SID, which were previously filed as Exhibits 2.1 and 2.2 to the Current
Report on Form 8-K, filed by IGAC with the U.S. Securities and Exchange
Commission on September 22, 2022, and the Amendment Agreement, which was filed
as Exhibit 10.1 to the Current Report on Form 8-K, filed with the U.S.
Securities and Exchange Commission on December 8, 2022, each of which is
incorporated by reference herein.
Item 8.01. Other Events.
The board of directors of IGAC has determined that IGAC will not be able to
complete the transactions contemplated by the BCA or any other initial business
combination within the time period required by its Amended and Restated
Certificate of Incorporation, as amended (the "Charter"). Accordingly, IGAC will
dissolve and liquidate pursuant to the terms of the Charter, effective as of the
close of business on January 11, 2023, 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 $10.12 after taking into account the removal of a portion of
the accrued interest in the trust account to pay taxes and for dissolution
expenses.
As of the close of business on January 11, 2023, the Public Shares will be
deemed cancelled and will represent only the right to receive the redemption
amount.
1
To provide for the disbursement of funds from the trust account, IGAC has
instructed Continental Stock Transfer & Trust Company, the trustee of the trust
account ("Continental"), 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, IGAC's transfer agent. Beneficial owners of Public Shares held in
"street name," however, will not need to take any action to receive the
redemption amount. The redemption of the Public Shares is expected to be
completed within ten business days after January 11, 2023.
IGAC's sponsor has agreed to waive its redemption rights with respect to its
outstanding shares of Class B common stock issued prior to IGAC's initial public
offering. There will be no redemption rights or liquidating distributions with
respect to IGAC's warrants, which will expire worthless.
IGAC expects that the Nasdaq Stock Market will file a Form 25 with the U.S.
Securities and Exchange Commission (the "Commission") to delist IGAC's
securities. IGAC 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.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
10.1 Notice of Termination dated January 6, 2023
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
2
© Edgar Online, source Glimpses