Sports Ventures Acquisition Corp. Announces Liquidation
22 December 2022 - 9:22AM
Sports Ventures Acquisition Corp. (NASDAQ: AKIC) (the “Company”)
announced today 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 (the
“Charter”), the Company intends to dissolve and liquidate in
accordance with the provisions of its Charter 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
$10.12.
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 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 by December 29, 2022.
The Company’s sponsor has agreed to waive its
redemption rights with respect to its outstanding Class B common
stock issued prior to the Company’s initial public offering and the
Class A ordinary shares contained in the units issued in a private
placement concurrent with the initial public offering.
There will be no redemption rights or
liquidating distributions with respect to the Company’s warrants,
which will expire worthless.
Cautionary Note Concerning Forward-Looking
Statements
This press release contains 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 registration statement and
prospectus for the offering filed with the U.S. Securities and
Exchange Commission (“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.
ContactDaniel StraussSports
Ventures Acquisition
Corp.786-650-0074contact@sportsventuresacq.com
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