Sponsors Seek Early Liquidation of Austerlitz Acquisition Corporation I
October 03 2022 - 4:35PM
Business Wire
Cannae Holdings, Inc. (NYSE: CNNE) and Trasimene Capital
Management, sponsors (the “Sponsors”) of Austerlitz Acquisition
Corporation I (NYSE: AUS, or the “Company”), a special purpose
acquisition company (“SPAC”), are seeking approval of the Company’s
shareholders to redeem its outstanding Class A ordinary shares (the
“Public Shares”) for cash held in its trust account prior to
December 31, 2022. AUS expires by its terms on March 2, 2023 (the
“24-Month Deadline”). The Sponsors believe that consummation of a
suitable merger is highly improbable, and it is therefore in
shareholders’ best interests to return the cash in trust within
calendar 2022 rather than wait for expiration in 2023.
Since the Company’s IPO, the Sponsors reviewed hundreds of
potential merger partners and have had substantive negotiations
with dozens of them. Despite these extensive efforts, the Sponsors
have not secured and do not seek a merger partner. Some prospective
partners did not meet the Sponsors’ investment criteria, and some
pursued other strategic options like an IPO or full or partial
sale. Some eventually declined to merge with AUS due to poor stock
price performance in the SPAC and IPO markets.
The Company has filed a preliminary proxy statement with the
U.S. Securities and Exchange Commission (the “Commission”)
containing proposals to amend its Articles of Association and the
Investment Management Trust Agreement to allow the Company to
commence liquidation without a business combination and before the
24-Month Deadline.
The Sponsors will seek shareholders favorable vote at a special
meeting of shareholders in November 2022. As part of that process,
the holders of Public Shares will have an opportunity to submit
their shares for voluntary redemption.
Funds held in trust today are $690.0 million. Accordingly, the
Company expects to return $10.00 per Public Share to the
holders.
Austerlitz Acquisition Corporation I
Austerlitz Acquisition Corporation I is a blank check company
whose business purpose is to effect a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses or
entities.
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. When used in this press release, the words “could,”
“should,” “will,” “may,” “believe,” “anticipate,” “intend,”
“estimate,” “expect,” “project,” the negative of such terms and
other similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words. Such forward-looking statements are based
on current information and expectations, forecasts and assumptions,
and involve a number of judgments, risks and uncertainties.
Accordingly, forward-looking statements should not be relied upon
as representing the Company’s views as of any subsequent date, and
the Company does not undertake any obligation to update
forward-looking statements to reflect events or circumstances after
the date they were made, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws. You should not place undue reliance on
these forward-looking statements. As a result of a number of known
and unknown risks and uncertainties, actual results or performance
may be materially different from those expressed or implied by
these 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” in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2021, and its subsequent reports filed with the
Commission from time to time. Copies of such filings are available
on the Commission’s website, www.sec.gov. The Company and the
Sponsors undertake 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/20221003005929/en/
Jamie Lillis, Managing Director, Solebury Trout,
203-428-3223, jlillis@soleburytrout.com
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