Iron Spark I Inc. to Liquidate
December 20 2022 - 5:42PM
Business Wire
Iron Spark I Inc. (Nasdaq: ISAA) (the “Company”) announced that
it will not be able to complete its previously announced business
combination with Hypebeast Limited by year-end. The proposed
amendment to the Company’s certificate of incorporation, which
changes the date by which the Company must consummate an initial
business combination from June 11, 2023 to December 28, 2022, was
approved at the special meeting of stockholders held on December
19, 2022. The Company intends to dissolve and liquidate promptly
after December 28, 2022. The Company will redeem all of the
outstanding public shares of common stock (the “Public Shares”) at
an expected per-share redemption price of approximately $10.09.
As of the close of business on December 28, 2022, the Public
Shares will be deemed cancelled and will represent only the right
to receive the expected per-share redemption price.
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 securities
held in 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 expected
per-share redemption price. The redemption of the Public Shares is
expected to be completed within ten business days after December
19, 2022.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. Certain of these
forward-looking statements can be identified by the use of words
such as “believes,” “expects,” “intends,” “plans,” “estimates,”
“assumes,” “may,” “should,” “will,” “seeks,” or other similar
expressions. Such statements may include, but are not limited to,
statements regarding the Company’s intention to redeem all of its
outstanding Public Shares, the Company’s cash position or cash held
in the Company’s trust account, the expected per-share redemption
price, or the timing when the Company’s Public Shares will cease
trading on NYSE. These statements are based on current expectations
on the date of this press release and involve a number of risks and
uncertainties that may cause actual results to differ
significantly. The Company does not assume any obligation to update
or revise any such forward-looking statements, whether as the
result of new developments or otherwise. Readers are cautioned not
to put undue reliance on forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20221220005768/en/
Olivia Defechereux Dejah olivia@ironspark.com 125 N Cache St
Jackson, Wyoming 83001 Telephone: (307) 200-9007
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