NEW
YORK, April 21, 2023 /PRNewswire/ -- B. Riley
Principal 250 Merger Corp. (NASDAQ: BRIV) today announced that its
board of directors (the "Board") has determined to redeem all of
its outstanding shares of Class A common stock (the "Public
Shares"), effective as of May 4,
2023, because the Company will not consummate an initial
business combination within the time period required by its amended
and restated certificate of incorporation.
As of the close of business on May 4,
2023, the Public Shares will be deemed cancelled and will
represent only the rights to receive the per-share redemption price
of approximately $10.15 (after taking
into account the removal of a portion of the accrued interest in
the trust account to pay taxes and $100,000 for dissolution expenses).
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 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 may redeem their shares for their pro
rata portion of the proceeds of the trust account upon presentation
of their respective shares or unit certificates or other delivery
of their shares or units 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 May 4, 2023.
There will be no redemption rights or liquidating distributions
with respect to the Company's warrants. The Company's initial
shareholders have waived their redemption rights with respect to
the outstanding shares of Class B common stock issued prior to the
Company's initial public offering.
The Company expects that Nasdaq will file a Form 25 with the
United States 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.
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. All statements other than statements of historical fact
included in this press release are forward-looking statements,
including, without limitation, the redemption of the Public Shares
and the per-share redemption price. When used in this press
release, words such as "anticipate," "believe," "estimate,"
"expect," "intend" and similar expressions, as they relate to us or
our 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 or oral
forward-looking statements attributable to us or persons acting on
our 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 latest Annual
Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q
filed with the SEC. The Company undertakes no obligation to update
these statements for revisions or changes after the date of this
release, except as required by law.
Contacts
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Investors:
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Media:
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Dan Shribman
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Jo Anne
McCusker
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dshribman@brileyfin.com
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jmccusker@brileyfin.com
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(212)
457-3300
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(646)
885-5425
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content:https://www.prnewswire.com/news-releases/b-riley-principal-250-merger-corp-announces-redemption-of-shares-301804557.html
SOURCE B. Riley Principal 250 Merger Corp.