MAQUIA CAPITAL ACQUISITION CORPORATION ANNOUNCES INCREASING ITS CONTRIBUTION TO TRUST ACCOUNT FOR EXTENSION AMENDMENT
November 02 2022 - 7:00AM
Maquia Capital Acquisition Corporation (“Maquia” or the
“Company”) (Nasdaq: “MAQC”, “MAQCU”, “MAQCW”) announced today that
Maquia Investments North America, LLC (the “Sponsor”) will increase
its contribution to Maquia’s trust account from $0.0333 to $0.045
for each share of Class A common stock (as further detailed below),
in connection with the stockholder vote to approve an amendment to
its charter to extend the date by which Maquia has to complete an
initial business combination from November 7, 2022 to May 7, 2023,
or such earlier date as determined by the Company’s board of
directors (the “Charter Extension”).
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 an aggregate of $ 0.045
for each share of Class A commons stock that is not redeemed, for
each calendar month (commencing on November 7, 2022 and on the 7th
day of each subsequent month) until May 7, 2023 (each, an
“Extension Period”), or portion thereof, that is needed to complete
an initial business combination (the “Contribution”).
For example, if the Company take until February 7, 2023, to
complete its initial business combination, which would represent
three calendar months, the Sponsor or its designees would make
aggregate Contributions resulting in a redemption amount of
approximately $10.485 per unredeemed share, in comparison to the
current redemption amount of $10.35 per share.
Each Contribution will be deposited in the trust
account within five (5) business days from the beginning of such
calendar month (or portion thereof). Accordingly, if the Charter
Extension is approved and the Company needs until May 7, 2023,
which is the full amount of time permitted by the Charter
Extension, to complete its initial business combination, the
redemption amount per share at the meeting for such business
combination or the Company’s subsequent liquidation will be
approximately $10.62 per share, in comparison to the current
redemption amount of $10.35 per share (assuming no public shares
are redeemed).
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 calendar months until May 7, 2023. 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 Maquia
Capital Acquisition Corporation
Maquia Capital Acquisition Corporation 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. The Company is led by Chief Executive Officer, Jeff
Ransdell, Chief Financial Officer, Jeronimo Peralta, Chief
Operating Officer, Guillermo Cruz, and Chief Investment Officer,
Maggie Vo.
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 stockholder 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 Maquia’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2021 under the heading “Risk Factors” and other
documents Maquia 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. Maquia 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
Maquia 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 Maquia 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
Maquia’s directors and officers in the definitive proxy statement
dated October 14, 2022 (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
Maquia urges investors, stockholders and other
interested persons to read the Extension Proxy Statement as well as
other documents filed by Maquia with the SEC, because these
documents will contain important information about Maquia and the
Charter Extension. When available, stockholders 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: Maquia
Acquisition Corporation, 50 Biscayne Boulevard, Suite 2406, Miami,
FL 33132, e-mail: guillermo@maquiacapital.com.
INVESTOR RELATIONS CONTACTGuillermo Eduardo
Cruz RuizMaquia Capital Acquisition Corporation50 Biscayne
Boulevard, Suite 2406, Miami, FL 33132E-mail:
guillermo@maquiacapital.comTelephone: (305) 608-1395
Maquia Capital Acquisition (NASDAQ:MAQCU)
Historical Stock Chart
From Jul 2024 to Aug 2024
Maquia Capital Acquisition (NASDAQ:MAQCU)
Historical Stock Chart
From Aug 2023 to Aug 2024