SAN
FRANCISCO, Dec. 16, 2022 /PRNewswire/ -- Figure
Acquisition Corp. I (the "Company") today announced that its
stockholders approved an amendment to its certificate of
incorporation to permit the Company to wind up early. The
Company has made this election and, as a result, it will redeem all
of its outstanding shares of Class A common stock, par value
$0.01 per share (the "Class A Common
Stock"), effective as of December 30,
2022.
At a special meeting of the Company's stockholders held today at
12:00 p.m. ET, the stockholders of
the Company approved (i) the adoption of the second amended and
restated certificate of incorporation and (ii) an amendment its
investment management trust agreement to allow the Company to
redeem all of its outstanding shares of Class A Common Stock in
advance of the Company's contractual expiration date of
February 23, 2023 by changing the
date by which the Company must cease all operations except for the
purpose of winding up if it fails to complete a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination (a "Business Combination") from
February 23, 2023 to (x) August 23, 2023 or (y) such other earlier date as
determined by the Board, in its sole discretion, and publicly
announced by the Company (the "Amended Termination
Date").
All Class A stockholders who elected to have their shares
redeemed in connection with this special stockholder meeting will
receive payment of the redemption price on or about December 20, 2022. All other Class A stockholders
will receive payment of the redemption price, net of taxes and
dissolution expenses, on December 30,
2022. The per share redemption price is expected to be
approximately $10.05.
The Company anticipates that its securities will cease trading
as of the close of business on December 29,
2022. As of the Amended Termination Date of December 30, 2022, the Company's Class A common
stock will be deemed to have been cancelled and will represent only
the right of holders to receive the redemption amount described
above. After December 30, 2022, the
Company will cease all operations except for those required to wind
up the Company's business.
There will be no redemption rights or liquidating distributions
with respect to the Company's warrants, which will expire
worthless. The Company's initial stockholders waived their
redemption rights with respect to the outstanding shares of Class B
common stock issued prior to the Company's initial public
offering.
In order to provide for the disbursement of funds from the
Company's trust account, the Company has instructed its trustee,
Continental Stock Transfer & Trust Company, to take all
necessary actions to liquidate the trust account. Registered
holders may redeem their shares for their pro rata portion of the
proceeds of the trust account upon presentation of their respective
share or unit certificates or other delivery of their shares or
units to the Company's transfer agent. Beneficial owners of shares
of Class A common stock held in "street name," however, will not
need to take any action in order to receive the redemption amount
described above. The redemption of the Class A Common Stock is
expected to be completed on December 30,
2022.
The Company expects that The New York Stock Exchange will file a
Form 25 with the U.S. 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 Figure Acquisition Corp. I
Figure Acquisition Corp. I (NYSE: FACA) was a blank check
company incorporated as a Delaware
corporation and formed for the purpose of effecting a merger,
amalgamation, share exchange, asset acquisition, share purchase,
reorganization or similar business combination with one or more
businesses.
Forward-Looking Statements
Certain statements made in this release are "forward looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
When used in this release, the words "estimates," "projected,"
"expects," "anticipates," "forecasts," "plans," "intends,"
"believes," "seeks," "may," "will," "should," "future," "propose"
and variations of these words or similar expressions (or the
negative versions of such words or expressions) are intended to
identify forward-looking statements. Such forward-looking
statements are subject to risks, uncertainties, and other factors
which could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. These
forward-looking statements are based upon estimates and assumptions
that, while considered reasonable by the Company, are inherently
uncertain.
Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. The Company does not
undertake any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
Investor Contact
Thomas J. Milani,
tmilani@figure.com
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SOURCE Figure Acquisition Corp. I