Legacy Acquisition Corp. Terminates its Amended & Restated Share Exchange Agreement with Blue Valor Limited & Seeks a New Tar...
July 20 2020 - 11:31PM
Business Wire
Legacy Acquisition Corp. (NYSE: “LGC”) (“Legacy”), a
publicly-traded Special Purpose Acquisition Company, today
announced that as of July 20, 2020, Legacy terminated the Amended
and Restated Share Exchange Agreement, dated December 2, 2019,
between Blue Valor Limited, a company incorporated in Hong Kong
(“Blue Valor”), and Legacy, as amended by that First Amendment to
the Amended and Restated Share Exchange Agreement, dated March 13,
2020 (the “Share Exchange Agreement”), and is proceeding to
evaluate alternative business combinations.
The termination is in response to the increasing impact on the
global advertising sector, and global markets broadly, resulting
from the COVID-19 pandemic, which has negatively affected the
market valuations.
Pursuant to their respective terms, each of (i) the Sponsor
Support Agreement, dated March 13, 2020, by and among Legacy
Acquisition I LLC, a Delaware limited liability company (the
“Sponsor”), Legacy and Blue Valor, (ii) the Waiver Agreement, dated
March 13, 2020, by and between the Sponsor and Legacy, and (iii)
the Warrant Holder Support Agreements, dated March 13, 2020, by and
between Legacy and the holders of approximately 19,765,000 (or
approximately 65.9%) of Legacy’s public warrants, are terminated
concurrently with the termination of the Share Exchange Agreement.
Additionally, the Warrant Amendments described in the Consent
Solicitation Statement filed with the Securities and Exchange
Commission (the “SEC”) on May 15, 2020, and subsequently approved
by the public warrant holders will not take effect and there will
be no redemption rights or liquidating distribution with respect to
Legacy’s warrants. The warrants will expire worthless if Legacy
does not complete an alternative business combination.
The Legacy SPAC remains active, and is looking for targets
across a broad spectrum of industries and welcomes interested
parties to contact: Gary McCullough
(garymccullough@legacyacquisition.com), Darryl McCall
(darrylmccall@legacyacquisition.com), or Ed Rigaud
(edrigaud@legacyacquisition.com).
Forward-Looking Statements:
This Press Release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Legacy’s and the Blue
Impact business’ actual results may differ from their expectations,
estimates and projections and consequently, you should not rely on
these forward-looking statements as predictions of future events.
Words such as “expect,” “estimate,” “project,” “budget,”
“forecast,” “anticipate,” “intend,” “propose,” “plan,”
“contemplate,” “may,” “will,” “shall,” “would,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” “positioned,”
“goal,” “conditional” and similar expressions are intended to
identify such forward-looking statements. These forward-looking
statements include, without limitation, the anticipated evaluation
of alternative business combinations, as well as the impact of
termination of the Share Exchange Agreement on the Warrant
Amendments.
Legacy cautions readers not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
Legacy does not undertake or accept any obligation or undertaking
to release publicly any updates or revisions to any forward-looking
statements to reflect any change in its expectations or any change
in events, conditions or circumstances on which any such statement
is based.
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version on businesswire.com: https://www.businesswire.com/news/home/20200720005837/en/
Investors: Jacques Cornet ICR
jacques.cornet@icrinc.com
Media: Phil Denning ICR Phil.denning@icrinc.com
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