NEW
YORK, Aug. 18, 2023 /PRNewswire/ -- Atlantic
Coastal Acquisition Corp. (NASDAQ: ACAH) (the "Company"), a special
purpose acquisition corporation, today announced that it will
redeem all of its outstanding shares of Class A common stock (the
"public shares"), effective as of August 18,
2023, because the Company will not consummate an initial
business combination within the time period required by its Second
Amended and Restated Certificate of Incorporation (the "Certificate
of Incorporation").
As stated in the Company's Certificate of Incorporation, if the
Company is unable to complete an initial business combination by
June 8, 2023 (subject to certain
inapplicable exceptions), the Company will:
- cease all operations except for the purpose of winding up,
- as promptly as reasonably possible but not more than ten
business days thereafter subject to lawfully available funds
therefor, redeem 100% of the public shares in consideration of a
per share price, payable in cash, equal to the quotient obtained by
dividing (A) the aggregate amount then on deposit in the trust
account less up to $100,000 of such
net interest to pay dissolution expenses), including interest, if
any, not previously released to the Company to pay taxes, by (B)
the total number of then outstanding public shares, which
redemption will completely extinguish rights of the holders of the
public shares (including the right to receive further liquidating
distributions, if any), subject to applicable law, and
- as promptly as reasonably possible following such redemption,
subject to the approval of the remaining stockholders and the board
of directors of the Company in accordance with applicable law,
dissolve and liquidate, subject in each case to the Company's
obligations under the General Corporation Law of the State of Delaware, as amended from time to
time, to provide for claims of creditors and other requirements of
applicable law. The Company has decided to withhold $100,000 to pay dissolution expenses (which were
permitted to be withheld in an amount up to $100,000).
Net of taxes, the Company expects the per-share redemption price
for the public shares will be approximately $10.40 (the "Redemption Amount"). The last day
that the Company's securities will trade on the Nasdaq Stock Market
LLC ("Nasdaq") will be August 18,
2023. As of August 21, 2023,
the public shares will be deemed cancelled and will represent only
the right to receive the Redemption Amount. After August 21, 2023, the Company shall cease all
operations except for those required to wind up the Company's
business.
The Redemption Amount will be payable to the holders 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, Continental 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 expects that Nasdaq will file a Form 25 with
the United States Securities and Exchange Commission (the
"Commission") to delist its securities. 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.
About Atlantic Coastal Acquisition Corp.
Atlantic Coastal Acquisition Corp. (NASDAQ: ACAH) is a special
purpose acquisition company focused on the future of mobility. On
March 8, 2021, Atlantic Coastal
announced the closing of its IPO and listing on Nasdaq. The
Atlantic Coastal team is led by Chairman and CEO Shahraab Ahmad,
and President and Director Burt
Jordan. For more information, please
visit www.atlanticcoastalacquisition.com.
Forward-Looking Statements
This press release may contain statements that constitute
"forward-looking statements." 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 10-K filed with the SEC. Copies
are available on the SEC's website, www.sec.gov. 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: hello@atlanticcoastal.io
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SOURCE Atlantic Coastal Acquisition
