BOSTON, Nov. 1, 2022
/PRNewswire/ -- Natural Order Acquisition Corporation (the
"Company") (Nasdaq: NOAC, NOACU and NOACW), a special purpose
acquisition 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
("Charter"), it intends to redeem all of the outstanding shares of
common stock that were included in the units issued in its initial
public offering (the "Public Shares"), at a per-share redemption
price, including accrued interest (net of amounts withheld for
taxes) of approximately $10.07 (the
"Redemption Amount"), and thereafter will dissolve and liquidate in
accordance with the Charter.
Since it completed its initial public offering ("IPO") on
November 13, 2020, the Company's
management team has rigorously searched for appropriate targets,
evaluated more than 75 companies, and issued several LOIs.
Ultimately, the Company was not able to complete a transaction due
to (a) the changing regulatory landscape around SPACs, (b)
disconnect on valuations, and (c) volatility in capital markets and
in deSPAC transactions, which dissuaded good companies from
accessing the markets.
The Company anticipates that the Public Shares, and associated
units and warrants, will cease trading on the Nasdaq Stock Market
("Nasdaq") on November 10,
2022. As of the close of business on November 14, 2022, the Public Shares will be
deemed cancelled and will represent only the right to receive the
redemption amount. After November 14,
2022, the Company will cease all operations except for those
required to wind up the Company's business.
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 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 Amount is expected to
be paid within ten business days after November 14, 2022.
The Company's initial stockholders, including the Company's
sponsor, directors and each member of the Company's management
team, have waived their redemption rights with respect to all
founder shares held by them.
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 Natural Order Acquisition
Corporation
Natural Order 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
John A. Ritacco,
Jr.
Chief Financial Officer and Secretary
info@natorac.com
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SOURCE Natural Order Acquisition Corp.