NEW
YORK, Feb. 14, 2023 /PRNewswire/ -- ABG
Acquisition Corp. I (the "Company") (Nasdaq: ABGI), a special
purpose acquisition company, today announced that as of the close
of business on February 21, 2023, the
Company's publicly held Class A ordinary shares, par value
$0.0001 (the "Public Shares"), will
be deemed cancelled and will represent only the right to receive
from the Company's trust account ("Trust Account") the per-share
redemption price for the Public Shares to be announced at a later
date (the "Redemption Amount"), 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"). In accordance with the terms of the
related trust agreement, the Company expects to retain interest
income from the Trust Account to pay dissolution expenses, and
taxes, if any.
As stated in the Company's Articles, if the Company is unable to
complete an initial business combination within 24 months of the
initial public offering (the "IPO"), 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 Trust
Account, including interest earned on the funds held in the Trust
Account and not previously released to the Company (less taxes
payable and up to $100,000 of
interest to pay dissolution expenses), divided by the number of the
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 the Company's obligations under
Cayman Islands law to provide for
claims of creditors and other requirements of applicable law.
The Redemption Amount will be payable to the holders of the
Public Shares upon delivery of their shares to the Company's
transfer agent, Continental Stock Transfer & Trust Company.
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 Company's sponsor and each of its officers and directors
have waived, with respect to the Company's Class B ordinary shares
and Class A ordinary shares issued in a private placement in
connection with the IPO held by it, her or him, as applicable, any
redemption rights it, she or he may have. After February 19, 2023, the Company shall cease all
operations except for those required to wind up the Company's
business.
The Company anticipates that the Public Shares will cease
trading on The Nasdaq Capital Market ("Nasdaq") as of the close of
business on February 17, 2023. The
Company expects that Nasdaq will file a Form 25 with the Commission
in order to delist the Company's securities. The Company thereafter
expects to file a Form 15 with the Commission to terminate the
registration of the Company's securities under the Securities
Exchange Act of 1934, as amended.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements other than statements of historical fact
included in this press release are forward looking statements. When
used in this press release, words such as "may," "should," "could,"
"would," "anticipate," "seek," "believe," "estimate," "expect,"
"intend" and similar expressions, as they relate to the Company or
its management team, identify forward-looking statements. Such
statements include, but are not limited to, statements regarding
the Company's intention to redeem all of its outstanding Public
Shares, the Company's cash position or cash held in the Trust
Account, the Redemption Amount or the timing when the Company's
Public Shares will cease trading on Nasdaq. Such statements are
based on the beliefs of management, as well as assumptions made by,
and information currently available to, the Company's management.
Actual results could differ materially from those contemplated by
the forward-looking statements as a result of certain factors
detailed in the Company's filings with the SEC. All subsequent
written or oral forward-looking statements attributable to the
Company or persons acting on its behalf are qualified in their
entirety by this paragraph. Forward-looking statements are subject
to numerous conditions, many of which are beyond the control of the
Company. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this press
release, except as required by law.
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SOURCE ALLY BRIDGE GROUP
