NEW
YORK, Jan. 25, 2023 /PRNewswire/ -- North
Atlantic Acquisition Corporation (the "Company") (Nasdaq: NAAC),
announced today that it has canceled its annual general meeting of
shareholders that was previously scheduled for 4:00 PM Eastern time on January 25, 2023, and that, due to its
inability to consummate an initial business combination within the
time period required by its Amended and Restated Memorandum and
Articles of Association, as amended (the "Charter"), the Board of
Directors of the Company has elected to dissolve and liquidate the
Company in accordance with the provisions of its Charter, and will
redeem all of the outstanding ordinary shares that were included in
the units issued in its initial public offering (the "Public
Shares"), at a per-share redemption price of
approximately $10.13.
As of the close of business on January
26, 2023, 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 will instruct 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
January 26, 2023.
The Company's sponsor has agreed to waive its redemption rights
with respect to its outstanding Class B ordinary shares 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.
About North Atlantic Acquisition Corporation
North Atlantic Acquisition Corporation is a blank check company,
also commonly referred to as a SPAC, formed for the purpose of
effecting a business combination with a company with global
ambition, with a primary focus on the consumer, industrials and TMT
sectors in Europe or North America, where its Board of Directors
has multiple decades of experience.
Forward-Looking Statements
This press release may include, and oral statements made from
time to time by representatives of the Company 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. Statements other
than statements of historical fact included in this press release
are forward-looking statements. When used in this press release,
words such as "anticipate," "believe," "continue," "could,"
"estimate," "expect," "intend," "may," "might," "plan," "possible,"
"potential," "predict," "project," "should," "would" and similar
expressions, as they relate to us or our management team, identify
forward-looking statements. Such forward-looking statements are
based on the beliefs of management, as well as assumptions made by,
and information currently available to, the Company's management.
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. All subsequent
written or oral forward-looking statements attributable to the
Company or persons acting on its behalf are qualified in their
entirety by this paragraph. Forward-looking statements are subject
to numerous conditions, many of which are beyond the control of the
Company, including those set forth in the "Risk Factors" section of
the Company's Annual Report on Form 10-K, subsequent quarterly
reports on Form 10-Q and initial public offering prospectus. The
Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as
required by law.
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SOURCE North Atlantic Acquisition Corporation (NAAC)