DTRT Health Acquisition Corp. Announces Contributions to Trust Account in Connection with Proposed Extension
December 02 2022 - 8:00AM
Business Wire
As previously announced on December 1, 2022, DTRT Health
Acquisition Corp. (“we”, “us”, “our”, or the
“Company”) convened and then
adjourned, without conducting any other business, its special
meeting of stockholders (the “Special
Meeting”) held on December 1, 2022. The Special Meeting was
adjourned from December 1, 2022 to December 6, 2022 at 3:00 p.m.
Central Time in order to provide additional time that is necessary
in order to effectuate the amendment of the Company's amended and
restated certificate of incorporation (“Extension Amendment”) to extend the period of time
available to complete a business combination, until March 7,
2023.
In order to support the Extension Amendment, the Company, and
its sponsor, DTRT Health Sponsor LLC (the “Sponsor”), have agreed that, if the Extension
Amendment is implemented, the Sponsor or one or more of its
designees (each, a “Contributor”) will
contribute to the Company’s trust account an aggregate amount equal
to $300,000 (each, a “Contribution”)
for each calendar month (commencing on December 7, 2022 and on the
7th day of each subsequent month) through (but not including) March
7, 2023 unless the closing of the Company’s initial business
combination shall have occurred (each date on which a Contribution
is to be deposited into the trust account, a “Contribution Date”). The Company intends to invest
funds in the trust account, including any Contributions, in
treasury bills at prevailing interest rates.
If a Contributor fails to make a Contribution by an applicable
Contribution Date, the Company will liquidate and dissolve as soon
as practicable after such date and in accordance with the Company’s
charter. The Contributions will be evidenced by a non-interest
bearing, unsecured promissory note and will be repayable by the
Company upon consummation of an initial business combination. If
the Company does not consummate an initial business combination by
the end of the period of time available to complete a business
combination, any such promissory notes will be repaid only from
funds held outside of the trust account or will be forfeited,
eliminated or otherwise forgiven. Any Contribution is conditioned
on the approval of the requisite stockholder proposals at the
Special Meeting and the implementation of the Extension Amendment.
No Contribution will occur if such proposals are not approved or
the Extension Amendment is not implemented. If the Company has
consummated an initial business combination or announced its
intention to wind up prior to any Contribution Date, any obligation
to make Contributions will terminate.
About DTRT Health Acquisition Corp.
We are a blank check company incorporated under the laws of the
State of Delaware on April 19, 2021, for the purpose of effecting a
merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization, or similar business combination
with one or more businesses, which we refer to throughout this
proxy statement as our initial business combination. While we may
pursue our initial business combination target in any stage of its
corporate evolution or in any industry or sector, we are focusing
our search on companies with favorable growth prospects and
attractive returns on invested capital.
Additional Information and Where to Find It
The definitive proxy statement with respect to the Extension
Amendment has been mailed to the Company's stockholders. INVESTORS
AND SECURITY HOLDERS ARE ADVISED TO READ THE DEFINITIVE PROXY
STATEMENT AND OTHER RELEVANT MATERIALS BECAUSE THEY CONTAIN
IMPORTANT INFORMATION ABOUT THE COMPANY. Investors and security
holders may obtain free copies of these documents and other
documents filed with the SEC at the SEC's web site at www.sec.gov.
In addition, the documents filed by the Company with the SEC may be
obtained free of charge by directing a request to DTRT’s secretary
at 1415 West 22nd Street, Tower Floor, Oak Brook, IL 60523, (312)
316-5473.
Participants in the Solicitation
The Company and its sponsor, officers and directors may be
deemed to be participants in the solicitation of proxies from
Company stockholders. Information about the Company’s sponsor,
officers and directors and their ownership of Company common stock
is set forth in the proxy statement for the Company’s Special
Meeting of Stockholders, which was filed with the SEC on October
31, 2022, and in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2021, which was filed with the SEC on April
1, 2022. Investors and security holders may obtain more detailed
information regarding the direct and indirect interests of the
participants in the solicitation of proxies in connection with the
Company’s proposed transaction with Consumer Direct Holdings, Inc.
by reading the Registration Statement on Form S-4 regarding the
transaction, which was filed by Grizzly New Pubco, Inc. with the
SEC on October 20, 2022.
Non-Solicitation
This Current Report on Form 8-K is not a proxy statement or
solicitation of a proxy, consent or authorization with respect to
any securities or in respect of the proposed Extension Amendment,
shall not constitute an offer to sell or a solicitation of an offer
to buy the securities of the Company, nor shall there be any sale
of any such securities in any state or jurisdiction in which such
offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction. No offer of securities shall be made except
by means of a prospectus meeting the requirements of Section 10 of
the Securities Act of 1933, as amended.
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version on businesswire.com: https://www.businesswire.com/news/home/20221201006082/en/
DTRT Health Acquisition Corp. Contact: Arion Robbins
arobbins@dtrthealth.com www.dtrthealth.com
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