NEW
YORK, Feb. 13,
2023 /PRNewswire/ -- Medicus Sciences Acquisition Corp. (the
"Company") (Nasdaq: MSAC), 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 "Charter"), the Board of Directors of
the Company has elected to dissolve and liquidate the Company in
accordance with the provisions of its Charter, 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 $10.18.
As of the close of business on February 21, 2023, the
Public Shares will be deemed cancelled and will represent only the
right to receive the redemption amount. The Company anticipates
that the Public Shares will cease trading as of the close of
business on February 17, 2023.
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
February 21, 2023.
The Company's sponsor has agreed to waive its redemption rights
with respect to its 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.
About Medicus Sciences Acquisition Corp.
The Company is a blank check company incorporated as a
Cayman Islands exempted company
and incorporated for the purpose of effecting a merger, share
exchange, asset acquisition, share purchase, reorganization or
similar business combination with one or more businesses or
entities.
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. 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," "continue," "could," "estimate," "expect,"
"intend," "may," "might," "plan," "possible," "potential,"
"predict," "project," "should," "would" and similar expressions, as
they relate to us or the Company's 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 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,
including those set forth in the "Risk Factors" section of the
Company's Annual Report on Form 10-K, Quarterly Reports on
Form 10-Q and initial public offering prospectus. 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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SOURCE Medicus Sciences Acquisition Corp.
