NEW
YORK, March 22, 2024 /PRNewswire/ -- Cartica
Acquisition Corp ("Cartica" or the "Company") (Nasdaq: "CITE",
"CITEU", "CITEW") announced today that Cartica Acquisition
Partners, LLC (the "Sponsor") will make a cash contribution of
an aggregate of $40,000 to Cartica's
trust account for each month (as further detailed below), in
connection with the shareholder vote to approve an amendment to its
charter to extend the date by which Cartica has to complete an
initial business combination from April 7,
2024 to January 7, 2025, or
such earlier date as determined by the Company's board of directors
(the "Charter Extension").
CARTICA ACQUISITION CORP ANNOUNCES
CONTRIBUTION TO TRUST ACCOUNT FOR EXTENSION AMENDMENT
As a result of the above change, if the Charter Extension is
approved and implemented, the Sponsor or its designees will
contribute to the Company as a loan (the "Contributions") an
aggregate of $40,000 for each month
(commencing on April 7, 2024 and on
the 7th day of each subsequent month) until January 7, 2025 (the "Extension Period"), or
portion thereof, that is needed to complete an initial business
combination, which amount will be deposited into the trust account.
Accordingly, the amount paid per share will be reduced
proportionately as the amount of public shares which remain
outstanding increases after redemptions in connection with the
Charter Extension. For example, if Cartica completes an initial
business combination on July 7, 2024, which would represent
three (3) months and no public shares are redeemed in
connection with the Charter Extension, then the aggregate amount
deposited per share will be approximately $0.028 per share, with the aggregate maximum
contribution to the Trust Account being $120,000. However, if 2,214,415 public shares are
redeemed and 2,000,000 public shares remain outstanding after
redemptions in connection with the Charter Extension, then the
amount deposited per share for such three-month period will be
approximately $0.06 per share.
Accordingly, if Cartica completes an initial business combination
on July 7, 2024, the redemption amount per share at the
meeting for an initial business combination or Cartica's subsequent
liquidation will be approximately $11.098 (plus any applicable interest accrued) if
all of public shares remain outstanding after redemptions, or
approximately $11.13 per share (plus
any applicable interest accrued) if 2,214,415 public shares are
redeemed and 2,000,000 public shares remain outstanding, in
comparison to the current redemption amount of approximately
$11.07 per share (which amount
includes interest not previously released to the Company to pay its
taxes).
Any Contribution is conditioned upon the implementation of the
Charter Extension. No Contribution will occur if the Charter
Extension is not approved or is not completed. The amount of each
Contribution will not bear interest and will be repayable by the
Company to the Sponsor or its designees upon consummation of its
initial business combination. The Company will have the sole
discretion whether to continue extending for additional months
until January 7, 2025. If the Company
opts not to utilize any remaining portion of the Extension Period,
then the Company will liquidate and dissolve promptly in accordance
with its charter, and its Sponsor's obligation to make additional
contributions will terminate.
About Cartica Acquisition Corp
Cartica Acquisition Corp is a blank check company formed for the
purpose of entering into a merger, share exchange, asset
acquisition, share purchase, reorganization or similar business
combination with one or more businesses.
Forward-Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward-looking statements are
statements that are not historical facts. Such forward-looking
statements are subject to risks and uncertainties, which could
cause actual results to differ from the forward-looking statements.
These forward-looking statements and factors that may cause such
differences include, without limitation, uncertainties relating to
the Company's shareholder approval of the Charter Extension, its
inability to complete an initial business combination within the
required time period or, and other risks and uncertainties
indicated from time to time in filings with the SEC, including
Cartica's Annual Report on Form 10-K for the fiscal year ended
December 31, 2022 under the heading
"Risk Factors" and other documents Cartica has filed, or to be
filed, with the SEC. Readers are cautioned not to place undue
reliance upon any forward-looking statements, which speak only as
of the date made. Cartica expressly disclaims any obligations or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is
based.
Participants in the Solicitation
Cartica and its directors, executive officers, other members of
management and employees, under SEC rules, may be deemed to be
participants in the solicitation of proxies from the
securityholders of Cartica in favor of the approval of the Charter
Extension. Investors and security holders may obtain more detailed
information regarding the names, affiliations and interests of
Cartica's directors and officers in the definitive proxy statement
dated March 5, 2024 (the "Extension
Proxy Statement"), which, when available, may be obtained free of
charge from the sources indicated above.
No Offer or Solicitation
This press release shall not constitute a solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the Charter Extension. This communication shall also
not constitute an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any states or jurisdictions in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. No offering of
securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act or an
exemption therefrom.
Additional Information and Where to Find It
Cartica urges investors, shareholders and other interested
persons to read the Extension Proxy Statement as well as other
documents filed by Cartica with the SEC, because these documents
will contain important information about Cartica and the Charter
Extension. When available, shareholders may obtain copies of the
Extension Proxy Statement, without charge, at the SEC's website at
www.sec.gov or by directing a request to: Cartica Acquisition
Corporation, c/o Ellenoff Grossman & Schole LLP, 1345 Avenue of
the Americas, 11th Fl. New York,
NY 10105.
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SOURCE Cartica Acquisition Corp
