YORK, Oct. 6, 2022 /PRNewswire/ -- Avanti
Acquisition Corp. (NYSE: AVAN) today announced that its board of
directors (the "Board") has determined to redeem all of its
outstanding Class A ordinary shares (the "Class A Shares"),
effective as of October 20, 2022,
because the Company will not consummate an initial business
combination within the time period required by its amended and
restated memorandum and articles of association (the
Pursuant to the Articles, if the Company does not consummate an
initial business combination by October 6,
2022, the Company will: (i) cease all operations except for
the purpose of winding up, (ii) as promptly as reasonably possible
but not more than ten business days thereafter, redeem 100% of the
Class A Shares in consideration of a per-share price, payable in
cash, equal to the aggregate amount then on deposit in the trust
account, including interest earned on the funds held in the trust
account and not previously released to the Company (less taxes
payable and up to US$100,000 of
interest to pay dissolution expenses), divided by the number of
then Class A Shares in issue, which redemption will completely
extinguish public shareholders' rights as shareholders (including
the right to receive further liquidation distributions, if any),
and (iii) as promptly as reasonably possible following such
redemption, subject to the approval of the Company's remaining
shareholders and the Board liquidate and dissolve, subject in the
case of (ii) and (iii) above to the Company's obligations under
Cayman Islands law to provide for
claims of creditors and in all cases subject to the other
requirements of applicable law.
Net of taxes and dissolution expenses, the per-share redemption
price for the public shares is expected to be approximately
$10.06 (the "Redemption Amount").
The Company anticipates that the Class A Shares will cease
trading as of the open of business on October 6, 2022. As of October 20, 2022, the Class A Shares will be
deemed cancelled and will represent only the right to receive the
The Redemption Amount will be payable to the holders of the
Class A Shares upon presentation of their respective share or unit
certificates or other delivery of their shares or units to the
Company's transfer agent, Continental Stock Transfer & Trust
Company. Beneficial owners of Class A Shares held in "street name,"
however, will not need to take any action in order to receive the
There will be no redemption rights or liquidating distributions
with respect to the Company's warrants, which will also cease
trading as of the open of business on October 20, 2022. The Company's initial
shareholders have waived their redemption rights with respect to
the outstanding Class B ordinary shares issued prior to the
Company's initial public offering.
The Company expects that The New York Stock Exchange will file a
Form 25 with the U.S. Securities and Exchange Commission to delist
Avanti Acquisition Corp.
Avanti Acquisition Corp. is a
blank check company formed for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses. Avanti
Acquisition Corp. is sponsored by Avanti Acquisition SCSp, an
affiliate of NNS Group, the private family office of Nassef Sawiris and Sienna Capital, a subsidiary
of Groupe Bruxelles Lambert.
Forward Looking Statements
contained in this press release may be deemed to constitute
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements relate to expectations or
forecasts for future events, including, without limitation, the
redemption of the Company's public shares. These statements may be
preceded by, followed by or include the words "may," "might,"
"will," "will likely result," "should," "estimate," "plan,"
"project," "forecast," "intend," "expect," "anticipate," "believe,"
"seek," "continue," "target" or similar expressions. Such
statements are subject to certain risks and uncertainties that
could cause our actual results in the future to differ materially
from the Company's historical results and those presently
anticipated or projected. The Company wishes to caution investors
not to place undue reliance on any such forward-looking statements.
Any forward-looking statements speak only as of the date on which
such statements are made, and the Company undertakes no obligation
to update such statements to reflect events or circumstances
arising after such date. The Company assumes no obligation to
update forward-looking statements except to the extent required by
applicable securities laws. If the Company does update one or more
forward-looking statements, no inference should be drawn that the
Company will make additional updates with respect to those or other
SOURCE Avanti Acquisition Corp.