Item 8.01 Other Events.
On December 28, 2023, Macondray Capital Acquisition Corp. I (the "Company")
issued a press release announcing that because the Company will not consummate
an initial business combination within the time period required by its Second
Amended and Restated Memorandum and Articles of Association (the "Amended
Articles"), the Company intends to dissolve and liquidate in accordance with the
provisions of the Amended Articles and will redeem all of the outstanding Class
A ordinary shares that were included in the units issued in its initial public
offering (the "Public Shares"), at an anticipated per-share redemption price of
approximately $10.15 based upon the amount held in the trust account as of
September 30, 2022.
As of the close of business on January 6, 2023, 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 January 6, 2023.
The Company's sponsor, officers and directors have agreed to waive their
redemption rights with respect to their outstanding Class B ordinary shares
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 Nasdaq Stock Market LLC 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 January 6, 2023.
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, dated December 28, 2022.
104 The cover page from this Current Report on Form 8-K, formatted in
Inline XBRL.
© Edgar Online, source Glimpses