Sanaby Health Acquisition Corp. I Announces Liquidation
October 17 2022 - 5:15PM
Business Wire
Sanaby Health Acquisition Corp. I (NASDAQ: SANB) (the “Company”)
announced today that due to its inability to consummate an initial
business combination within the time period required by its Amended
and Restated Certificate of Incorporation, as amended (the “Amended
Charter”) the Company intends to dissolve and liquidate in
accordance with the provisions of its Amended Charter, effective as
of the close of business on October 19, 2022, and will redeem all
of the outstanding shares of Class A common stock that were
included in the units issued in its initial public offering (the
“Public Shares”), at a per-share redemption price of approximately
$10.22 (without giving effect to any interest that may be withdrawn
to pay for taxes and dissolution expenses).
As of the close of business on October 19, 2022, the Public
Shares will be deemed cancelled and will represent only the right
to receive the redemption amount.
“Throughout this journey, we have maintained a disciplined
approach that focused on identifying the best possible acquisition
candidate to deliver long-term value to our shareholders,” said
Sandra Shpilberg, Chief Executive Officer of Sanaby Health
Acquisition Corp. I. “We met with many innovative companies over
the last 12 months; however, current market dynamics and lingering
economic uncertainty convinced us that the best way to deliver on
our promise to shareholders was to return the capital held in
trust.”
In order to provide for the disbursement of funds from the trust
account, the Company has instructed 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 October 19, 2022.
The Company’s sponsor has agreed to waive its redemption rights
with respect to its outstanding Class B common stock 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.
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. Such forward-looking statements are based on the beliefs
and reasonable assumptions of management, and 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 Securities and Exchange Commission. The Company
undertakes no obligation to update any forward-looking statements
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/20221017005994/en/
Sanaby Health Acquisition Corp. I Sandra Shpilberg, CEO (415)
580-1810 info@sanaby.com www.sanaby.com
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