Better World Acquisition Corp. Announces Liquidation
July 13 2023 - 5:00AM
Better World Acquisition Corp. (the “
Company”) (Nasdaq:
BWAC), announced today that, due to its inability to complete an
initial business combination within the time period required by its
Amended and Restated Certificate of Incorporation, as
amended, the Company intends to liquidate and dissolve, effective
as of the close of business on July 17, 2023, and will redeem all
of the outstanding shares of common stock that were included in the
units issued to public stockholders in its initial public offering
(the “
Public Shares”), at a per-share redemption price of
approximately $10.91 (after taking into account the removal of a
portion of the accrued interest in the trust account to pay taxes).
As of the close of business on July 17, 2023,
the Public Shares will be deemed cancelled and will represent only
the right to receive the redemption amount.
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 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 July 17, 2023.
The Company’s sponsor has agreed to waive its
redemption rights with respect to its founder shares issued in a
private placement 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.
The Company expects that the Nasdaq Stock Market
will file a Form 25 with the United States Securities and Exchange
Commission (the “Commission”) to delist the Company’s securities.
The Company thereafter expects to file a Form 15 with the
Commission to terminate the registration of its securities under
the Securities Exchange Act of 1934, as amended.
About Better World Acquisition Corp.
Better World is a blank check company formed for
the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses.
Forward-Looking Statements
This press release contains statements that
constitute “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 section of the Company’s registration statement and
prospectus for the offering filed with the SEC. Copies are
available on the SEC’s website, www.sec.gov. The Company undertakes
no obligation to update these statements for revisions or changes
after the date of this release, except as required by law.
Contact:Peter S.H. GrubsteinChief Financial OfficerBetter
World Acquisition Corp.(212) 450-9700
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