SEATTLE, Nov 9 (Bernama-BUSINESS WIRE) -- ALSP Orchid Acquisition Corporation I (Nasdaq: ALOR) (the “Company” or “ALSP Orchid”) announced today that it will redeem all of its outstanding Class A ordinary shares (the “Public Shares”), effective as of the close of business on November 14, 2023 or as soon as possible thereafter because the Company will not consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association (the “Articles”).
As stated in the Company’s Articles and in the Company’s registration statement on Form S-1 (Registration No. 333-260709), as filed with the United States Securities and Exchange Commission (the “Commission”), declared effective on November 18, 2021, if the Company is unable to complete an initial business combination within 15 months of the Company’s initial public offering (the “IPO”), which deadline was subsequently extended to 21 months at the extraordinary general meeting held by the Company on February 17th, 2023 (the “Extension meeting”) and then further extended by depositing $0.10 per public share into the trust account on August 17, 2023, in each case in accordance with the Articles, and the expiration date of such period, (the “Deadline”), 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 Company’s trust account (the “Trust Account”), including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes (less taxes payable and up to US$100,000 of accrued interest to pay dissolution expenses), divided by the number of then-outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (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 shareholders and the Company’s board of directors, liquidate and dissolve, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors, and in all cases subject to the other requirements of applicable law.The per-share redemption price for the Public Shares will be approximately $10.86 (the “Redemption Amount”). The balance of the Trust Account as of October 31, 2023 was approximately $21,784,327, which includes approximately $1,222,159 in interest and dividend income (such amount equal to the excess of the cash held in the Trust Account over (i) $20,362,535.40 in funds deposited into the Trust Account following the IPO in respect of the 1,996,327 Public Shares not redeemed in connection with the Extension Meeting plus $199,632.70 deposited in the Trust Account in connection with the extension of the Deadline from August 23, 2023 to November 23, 2023). In accordance with the terms of the Articles and the investment management trust agreement between the Company and the trustee of the Trust Account, the Company expects to retain $100,000 of the interest and dividend income from the Trust Account to pay dissolution expenses, and any amounts necessary to satisfy our obligations under Cayman Islands law, or other applicable law, to provide for claims of creditors.
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