GRAND CAYMAN, Cayman Islands–(Small business WIRE)–Burgundy Technology Acquisition Corporation (the “Company”) (NASDAQ: BTAQ, BTAQU, BTAQW), a technology focused unique goal acquisition organization, nowadays introduced that it will redeem all of its remarkable shares of Course A popular inventory (the “public shares”), effective as of the shut of business on March 1, 2022, mainly because the Business will not consummate an initial company mixture inside the time period of time essential by its Amended and Restated Memorandum and Posts of Affiliation (the “Articles”).
As mentioned in the Company’s S-1 and in the Company’s Posts, if the Firm is not able to comprehensive an first company combination in just 18 months, the Corporation will: (i) cease all functions besides for the purpose of winding up, (ii) as promptly as fairly achievable but not extra than 10 enterprise days thereafter, redeem the public shares, at a for each-share rate, payable in dollars, equal to the aggregate amount of money then on deposit in the belief account, which include curiosity earned on the trust account (considerably less up to $100,000 of curiosity to spend dissolution bills and internet of taxes payable), divided by the selection of then-fantastic general public shares, which redemption will absolutely extinguish general public shareholders’ rights as shareholders (which include the right to get more liquidation distributions, if any), topic to applicable legislation, and (iii) as immediately as fairly possible subsequent this sort of redemption, matter to the acceptance of the Company’s remaining shareholders and the Company’s Board of Directors, liquidate and dissolve, subject matter in each and every situation to the Company’s obligations less than Cayman Islands law to deliver for promises of lenders and the necessities of other relevant regulation.
The for each-share redemption price for the community shares will be close to $10.05 (the “Redemption Amount”). The balance of the Trust Account as of December 31, 2021 was somewhere around $346,759,664, which includes approximately $34,664 in fascination and dividend cash flow (extra of funds above $346,725,000, the resources deposited into the Believe in Account). In accordance with the phrases of the associated believe in settlement, the Corporation expects to retain the interest and dividend money from the Have faith in Account to spend dissolution bills. Accordingly, there is envisioned to be a complete of $346,725,000 readily available for redemption of the 34,500,000 Class A Shares excellent, which outcomes in a redemption value of $10.05 for every share.
As of the shut of small business on March 1, 2022, the community shares will be deemed cancelled and will symbolize only the appropriate to obtain the Redemption Amount.
The Redemption Total will be payable to the holders of the general public shares upon presentation of their respective stock or unit certificates or other delivery of their shares or models to the Company’s transfer agent, Continental Stock Transfer & Belief Enterprise. Helpful entrepreneurs of public shares held in “street name,” even so, will not need to get any action in get to obtain the Redemption Total.
There will be no redemption rights or liquidating distributions with regard to the Company’s warrants, which will expire worthless.
The Company’s sponsor has waived its redemption rights with regard to the excellent founder shares and non-public placement shares. After March 1, 2022, the Enterprise shall cease all functions other than for those people required to wind up the Company’s enterprise.
The Corporation expects that NASDAQ will file a Kind 25 with the United States Securities and Exchange Commission (the “Commission”) to delist its securities. The Company thereafter expects to file a Variety 15 with the Fee to terminate the registration of its securities underneath the Securities Trade Act of 1934, as amended.
About Burgundy Technological innovation Acquisition Corporation
Burgundy Technology Acquisition Company is a blank examine firm formed for the function of effecting a merger, cash inventory exchange, asset acquisition, stock acquire, reorganization or very similar business enterprise blend with a person or far more businesses.
This press release contains “forward-hunting statements” in the indicating of Area 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When utilized in this press launch, the words and phrases “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of these kinds of conditions and other equivalent expressions are supposed to identify ahead-wanting statements, although not all forward-hunting statements incorporate these kinds of determining words and phrases. Such ahead-searching statements are based mostly on existing info and expectations, forecasts and assumptions, and entail a quantity of judgments, challenges and uncertainties. Appropriately, ahead-looking statements need to not be relied on as symbolizing the Company’s views as of any subsequent day, and the Organization does not undertake any obligation to update ahead-on the lookout statements to mirror occasions or situations just after the day they were created, whether or not as a consequence of new info, potential occasions or if not, other than as might be expected underneath relevant securities rules. You really should not place undue reliance on these forward-wanting statements. As a final result of a range of known and unknown pitfalls and uncertainties, real effects or general performance may be materially diverse from these expressed or implied by these ahead-on the lookout statements.