STAMFORD, Conn., Oct. 3, 2022
/PRNewswire/ -- October 3, 2022 - Atlantic Avenue Acquisition
Corp (the "Company") (NYSE: ASAQ.U, ASAQ, ASAQ WS), announced today
that it has canceled its special meeting of stockholders that was
previously scheduled for 10:00 AM Eastern
time on October 4, 2022, and
that, due to its inability to complete an initial business
combination within the time period required by its Amended and
Restated Certificate of Incorporation, the Company intends to
dissolve and liquidate, effective as of the close of business on
October 6, 2022, and will redeem all
of the outstanding shares of Class A common stock that were
included in the units issued in its initial public offering (the
"Public Shares"), at a per-share redemption price of approximately
$10.03.
As of the close of business on October 6,
2022, 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 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 redemption
amount. The redemption of the Public Shares is expected to be
completed within ten business days after October 6, 2022.
The Company's sponsor has agreed to waive its redemption rights
with respect to its outstanding Class B common stock issued 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 New York Stock Exchange 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.
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:
Barry Best,
CFO
Atlantic Avenue Acquisition Corp
info@asaqspac.com
203-989-9709
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SOURCE Atlantic Avenue Acquisition Corp