WASHINGTON, March 10,
2023 /PRNewswire/ -- Supernova Partners Acquisition
Company III, Ltd. (the "Company") (NYSE: STRE, STRE.U, STRE WS), a
special purpose acquisition company, announced that it will redeem
all of its outstanding Class A ordinary shares, par value
$0.0001 (the "public shares"),
effective as of the close of business on March 27, 2023, 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 per-share redemption price for the public shares will be
approximately $10.20 (the "Redemption
Amount"). In accordance with the terms of the related trust
agreement, the Company expects to retain $100,000 of the interest income from the trust
account to pay dissolution expenses.
The Company will delist from the New York Stock Exchange prior
to the date of redemption and anticipates that the last day the
public shares will trade is March 24,
2023. The Company expects that the New York Stock Exchange
will file a Form 25 with the Commission to delist its securities
thereafter. As of the close of business on March 27, 2023, the public shares will be deemed
cancelled and will represent only the right to receive the
Redemption Amount. The Company thereafter expects to file a Form 15
with the Commission to terminate the registration of its securities
under the Securities Exchange Act of 1934, as amended.
The Redemption Amount will be payable to the holders of record
of the public shares upon presentation of their respective stock or
unit certificates or other delivery of their shares or units to the
Company's transfer agent, American Stock Transfer & Trust
Company. Beneficial owners of public shares held in "street name,"
however, will not need to take any action in order to receive the
Redemption Amount.
There will be no redemption rights or liquidating distributions
with respect to the Company's warrants, which will expire
worthless.
The Company's sponsor has waived its redemption rights with
respect to the outstanding founder shares.
About Supernova Partners Acquisition Company III,
Ltd.
Supernova Partners Acquisition Company III, Ltd. 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.
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. All 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,"
"estimate," "expect," "intend" 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 us or
persons acting on our 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 registration statement and prospectus relating to the
Company's initial public offering filed with the SEC. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
Contact
Supernova Partners Acquisition Company III, Ltd.
Katie Curnutte
katie@supernovaspac.com
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SOURCE Supernova Partners Acquisition Company III, Ltd.