CHICAGO, Dec. 8, 2022
/PRNewswire/ -- Sierra Lake Acquisition Corp. (NASDAQ: SIER) (the
"Company") announced today that due to its inability to consummate
an initial business combination within the time period required by
its Amended and Restated Certificate of Incorporation (the "Amended
Charter") the Company intends to dissolve and liquidate in
accordance with the provisions of its Amended Charter, effective as
of the close of business on December 8,
2022, and will redeem all of the outstanding shares of Class
A common stock that were included in the units issued in its
initial public offering (the "Public Shares"), at a per-share
redemption price of approximately $10.12 (without giving effect to any interest
that may be withdrawn to pay for taxes and dissolution
expenses).
As of the close of business on December
16, 2022, the Public Shares will be deemed cancelled and
will represent only the right to receive the redemption amount.
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 December 16, 2022.
The Company's sponsor has agreed to waive its redemption rights
with respect to its outstanding Class B common stock issued prior
to 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.
Forward-Looking Statements
This press release 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. Such forward-looking statements are based on the beliefs
and reasonable assumptions of management, and 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 Securities and Exchange Commission. The Company
undertakes no obligation to update any forward-looking statements
after the date of this release, except as required by law.
Contact
Sierra Lake Acquisition Corp.
Charles Alutto, CEO
(331) 305-4319
calutto@sierralakecorp.com
www.sierralakecorp.com
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SOURCE Sierra Lake Acquisition Corp