FTAC Athena Acquisition Corp. Announces it Will Redeem its Public Shares
February 20 2023 - 11:00AM
FTAC Athena Acquisition Corp. (NASDAQ:FTAA) (the “Company”), a
blank-check company formed for the purpose of acquiring or merging
with one or more businesses, today announced that, 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 “Charter”), the Company intends to
dissolve and liquidate in accordance with the provisions of the
Charter, effective as of the close of business on February 24,
2023, 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 a per-share redemption price of
approximately $10.17.
As of the close of business on February 24, 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, less $100,000 of interest to pay dissolution
expenses and net of taxes payable, 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 February 24, 2023.
The Company’s sponsors have agreed to waive their redemption
rights with respect to their ordinary shares. 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, as well as the Company’s publicly traded units and
warrants, will cease trading as of the close of business on
February 23, 2023.
Forward-Looking Statements
This press release contains statements that constitute
“forward-looking statements.” 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 annual report on Form 10-K filed
with the SEC and subsequent reports filed with the SEC, as amended
from time to time. Copies of these documents are available on the
SEC’s website, at www.sec.gov. The Company undertakes no obligation
to update these statements for revisions or changes after the date
of this release, except as required by law.
Contact Information:
Mehar Jagota mehar@cohencircle.com (484)-995-3030
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