BOSTON, Oct. 11,
2022 /PRNewswire/ -- Lefteris Acquisition
Corporation. ("Lefteris") (Nasdaq: LFTR, LFTRU and LFTRW),
announced today that, due to its anticipated inability to
consummate an initial business combination within the time period
required by its Second Amended and Restated Certificate of
Incorporation, Lefteris intends to dissolve and liquidate in
accordance with the provisions of its Second Amended and Restated
Certificate of Incorporation 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 $10.06.
"As responsible stewards of shareholder capital, we felt the
best course of action given market turmoil was to explore possible
combinations with many potential partners, but to proceed only
where we had a high degree of confidence that they would grow in
value once public," stated Jon
Isaacson, Chief Executive Officer and Chief Financial
Officer of Lefteris. "Since this standard could not be met, we are
ceasing our efforts and disbursing the funds back to the
shareholders."
Lefteris' Vice Chairman and former Chief Executive Officer
Karl Roessner added, "We were
tireless in our efforts to unlock shareholder value as we
identified hundreds of potential business combination partners and
participated in over one hundred meetings regarding potential
transactions. Ultimately, however, we were unable to reach an
agreement where we felt confident that there would be shareholder
appreciation. Therefore, we remained disciplined and are returning
the capital held in the trust account."
"We believe the SPAC vehicle can be an effective approach to
capital raising for certain growing companies," said Mark Casady, Executive Chairman of Lefteris.
"However, in light of the current conditions, we are taking the
route that returns value in a market that values cash."
As of the close of business on October
24, 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 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 may redeem their
shares for 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
October 23, 2022.
The Company's initial stockholders have waived their redemption
rights with respect to its outstanding 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.
The Company expects that Nasdaq will file a Form 25 with the
United States Securities and Exchange Commission (the "SEC") to
delist its securities. The Company thereafter expects to file a
Form 15 with the SEC to terminate the registration of its
securities under the Securities Exchange Act of 1934, as
amended.
About Lefteris Acquisition
Corporation
Lefteris is a blank check company organized for the purpose of
effecting a merger, share exchange, asset acquisition, share
purchase, recapitalization, reorganization, or other similar
business combination with one or more businesses or entities.
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 SEC. The Company undertakes no obligation to
update any forward-looking statements after the date of this
release, except as required by law.
Contact
Jon
Isaacson
Chief Executive Officer, Chief Financial Officer and Chief
Corporate Development Officer
jon@lefteris.company
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SOURCE Lefteris Acquisition Corporation