Enterprise 4.0 Technology Acquisition Corp. Announces Intent to Liquidate
July 19 2023 - 8:00AM
Enterprise 4.0 Technology Acquisition Corp., a Cayman Islands
exempted company (the “
Company”), announced today
that it will be unable to consummate an initial business
combination and intends to dissolve and liquidate in accordance
with the provisions of its Amended and Restated Memorandum and
Articles of Association, as amended
(“
Liquidation”). On April 20, 2023, the Company
held an extraordinary general meeting of shareholders (the
“
Meeting”) at which the shareholders approved an
extension of the date by which the Company has to complete an
initial business combination from April 21, 2023 to October 21,
2023 (or such earlier date as determined by the Company’s board of
directors) (the “
Extension”). At the time of the
Meeting, the Company believed it could complete a business
combination if the Extension were to be approved by the
shareholders. However, after careful consideration, the Company has
determined it would be unable to deliver a high quality transaction
to shareholders even with an Extension. Therefore, due to the
recent developments, the Company has determined not to further
extend the term the Company has to complete an initial business
combination beyond July 21, 2023 and instead proceed with the
Liquidation.
As of the close of business on July 21, 2023,
the Class A ordinary shares that were included in the units issued
in the Company’s initial public offering (“Public
Shares”) will be deemed cancelled, and each Public Share
will represent only the right to receive a redemption amount equal
to the aggregate amount then on deposit in the trust account
established in connection with the Company’s initial public
offering (the “Trust Account”), including interest
(less up to $100,000 of interest to pay winding up and dissolution
expenses (which interest shall be net of taxes payable), divided by
the number of then outstanding Public Shares. The Company
anticipates that the last day of trading of the Public Shares will
be on or around July 21, 2023 and trading of Public Shares will be
suspended effective before the opening of markets on July 24,
2023.
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 July 21,
2023.
The Company’s sponsor, ENT4.0 Technology Sponsor
LLC (the “Sponsor”), has agreed to waive its
redemption rights with respect to (i) the Class A ordinary shares
issued to the Sponsor on April 21, 2023 upon conversion of the
Class B ordinary shares that were issued to the Sponsor prior to
the Company’s initial public offering and (ii) the Class A ordinary
shares contained in the units issued to the Sponsor in a private
placement concurrent with 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.
Enterprise 4.0 Technology Acquisition
Corp.
Enterprise 4.0 Technology Acquisition Corp. is a
blank check company formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. While the Company may pursue an initial business
combination target in any business or industry, it intends to focus
its search on companies in the life sciences industry.
Forward-Looking Statements
This press release may include, and oral
statements made from time to time by representatives of the Company
may include, “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Statements
regarding possible business combinations and the financing thereof,
and related matters, as well as all other statements other than
statements of historical fact included in this press release are
forward-looking statements. When used in this press release, words
such as “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intend,” “may,” “might,” “plan,” “possible,”
“potential,” “predict,” “project,” “should,” “would” and similar
expressions, as they relate to us or our management team, identify
forward-looking statements. Such forward-looking statements are
based on the beliefs of management, as well as assumptions made by,
and information currently available to, the Company’s management.
Actual results could differ materially from those contemplated by
the forward-looking statements as a result of certain factors
detailed in the Company’s filings with the SEC. All subsequent
written or oral forward-looking statements attributable to us or
persons acting on our behalf are qualified in their entirety by
this paragraph. 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 Company’s
initial public offering filed with the Securities and Exchange
Commission. 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 Person: Ross HaghighatTitle: Chief Executive Officer and
Chief Financial Officer Phone: 619.736.6855Address: 630 Ramona
Street, Palo Alto, CA 94301 Email:
info@ent40acquisitioncorp.com
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