VMH.WT.U VM Hotel Acquisition Corp

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TORONTO, Aug. 10, 2023 /CNW/ - VM Hotel Acquisition Corp. (TSX: VMH.U) (TSX: VMH.WT.U) ("VMH") is reporting its financial results as of June 30, 2023 and for the three and six months ended June 30, 2023. VMH's condensed consolidated interim financial statements have been filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") and may be viewed by shareholders and interested parties under VMH's profile on SEDAR at www.sedarplus.ca

VMH has also announced today that it intends to seek approval for an extension of the permitted timeline to consummate its qualifying acquisition from September 30, 2023 to February 29, 2024.

As disclosed in its news release dated September 22, 2022, VMH has entered into a business combination agreement, as amended, with The Pyure Company Inc. ("Pyure"), HGI Industries, Inc., a predecessor and majority shareholder of Pyure, and TCPI Mergersub, Inc., a wholly owned subsidiary of VMH, pursuant to which VMH intends to acquire, through a series of transactions, all of the issued and outstanding shares of Pyure (the "Business Combination"). If an extension is approved, VMH will have until February 29, 2024 to consummate its qualifying acquisition, which may include the closing of the Business Combination. A meeting of the holders of the Class A Restricted Voting Shares of VMH to consider the approval of the extension has not yet been scheduled.

VMH is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting a qualifying acquisition within a specified period of time. VMH's head office is located at Brookfield Place, 161 Bay Street, Suite 2420, Toronto, ON, M5J 2S1 and its registered office is located at 1600 - 925 West Georgia Street Vancouver, BC V6C 3L2.

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects VMH's current expectations regarding future events. The words "anticipate", "could", should", "will", "expect", "intend", "may", "project" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specific forward-looking information contained in this press release includes, but is not limited to, statements with respect to (i) the completion of, and matters relating to, VMH's qualifying acquisition, including the Business Combination, and (ii) the satisfaction of the conditions to consummate the qualifying acquisition,  including VMH seeking an extension to the permitted timeline to consummate its qualifying acquisition and holding a meeting of the holders of Class A Restricted Voting Shares in connection therewith. Forward-looking information in this press release is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond VMH's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to (i) conditions precedent or approvals required for the qualifying acquisition not being obtained, including VMH obtaining approval from the holders of its Class A Restricted Voting Shares for an extension of the permitted timeline to consummate its qualifying acquisition, and (ii) there can be no assurance that a qualifying acquisition will be completed on the expected terms, or at all. VMH and its sponsors undertake no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

SOURCE VM Hotel Acquisition Corp