Deep Lake Capital Acquisition Corp. Announces It Will Redeem Its Public Shares
January 03 2023 - 4:00PM
Business Wire
Deep Lake Capital Acquisition Corp. (the “Company”) (Nasdaq:
DLCA, DLCAW and DLCAU), a special purpose acquisition company,
announced today that, due to its inability to consummate an initial
business combination within the time period required by its Amended
and Restated Memorandum and Articles of Association (the
“Articles”), it intends to 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 a per-share
redemption price, including accrued interest (net of amounts
withheld for taxes and dissolution expenses) of approximately
$10.124 (the “Redemption Amount”), and thereafter will dissolve and
liquidate in accordance with the Articles. In accordance with the
terms of the related trust agreement, the Company expects to retain
$100,000 of the interest income from the trust account to pay
dissolution expenses.
Since it completed its initial public offering (“IPO”) on
January 15, 2021, the Company’s management team has rigorously
searched for appropriate targets. Ultimately, however, the Company
was not able to complete a transaction due to (a) the changing
regulatory landscape around SPACs, (b) disconnect on valuations,
and (c) volatility in capital markets and in deSPAC transactions,
which dissuaded good companies from accessing the markets.
The Company anticipates that the Public Shares, and associated
units and warrants, will cease trading on the Nasdaq Stock Market
(“Nasdaq”) on January 13, 2023. As of the close of business on
January 17, 2023, the Public Shares will be deemed canceled and
will represent only the right to receive the redemption amount.
After January 17, 2023, the Company will cease all operations
except for those required to wind up the Company’s business.
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 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 may redeem their
shares for 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 Amount is expected to be paid within ten
business days after January 17, 2023.
The Company’s initial shareholders, including the Company’s
sponsor, directors and each member of the Company’s management
team, have waived their redemption rights with respect to all
founder shares held by them.
There will be no redemption rights or liquidating distributions
with respect to the Company’s warrants, which will expire
worthless.
The Company expects that Nasdaq will file a Form 25 with the
United States Securities and Exchange Commission (the “SEC”) to
delist its securities. The Company thereafter expects to file a
Form 15 with the SEC to terminate the registration of its
securities under the Securities Exchange Act of 1934, as
amended.
About Deep Lake Capital Acquisition Corp.
Deep Lake Capital Acquisition Corp. is a special purpose
acquisition company formed for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses.
Forward-Looking Statements
This press release may include “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 “anticipate,” “believe,”
“estimate,” “expect,” “intend” and similar expressions, as they
relate to us or our management team, identify forward-looking
statements. Such forward-looking 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 us or
persons acting on our 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,
including those set forth in the Risk Factors section of the
Company’s registration statement and prospectus for the Company’s
initial public offering filed with the SEC. The Company undertakes
no obligation to update these statements for revisions or changes
after the date of this release, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230103005723/en/
Michael Cyrus, CFO michael@deeplakecapital.com
Deep Lake Capital Acquis... (NASDAQ:DLCA)
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