Pegasus Digital Mobility Acquisition Corp. Announces the Results of its Extraordinary General Meeting and Amendment of its Memorandum and Articles of Association
20 April 2023 - 5:16AM
Business Wire
Pegasus Digital Mobility Acquisition Corp. (NYSE: PGSS.U) (the
"Company"), a special purpose acquisition company founded by
Strategic Capital Fund Management, LLC (the "Sponsor"),
today announced the results of its Extraordinary General Meeting.
The Company's stockholders have approved the adoption of the second
amended and restated articles of association in the form proposed,
to among other things (i) make certain updates to reflect the
decision by the board of directors of the Company (the
"Board") to exercise the first extension option pursuant to
which the date by which the Company has to consummate a merger,
share exchange, asset acquisition, share purchase, reorganization
or similar business combination ("business combination") was
extended from January 26, 2023 to April 26, 2023 (being the date
falling 18 months after the consummation of the Company’s initial
public offering, (ii) amend the amount which the Sponsor is
required to deposit in the Company's trust account in order to
exercise the second extension option to extend the date by which
the Company has to consummate a business combination to July 26,
2023 to $0.10 per Class A ordinary share then in issue (after
giving effect to any redemptions of such shares which are tendered
for redemption in connection with the Extraordinary General
Meeting), (iii) insert a third extension option to enable the Board
to extend the date by which the Company has to consummate a
business combination from July 26, 2023 to December 31, 2023 and
(iv) insert a voluntary redemption right in favor of the holders of
the Company’s Class A ordinary shares then in issue enabling public
shareholders to redeem such shares on July 26, 2023 for a per-share
price, payable in cash, equal to the aggregate amount then on
deposit in the trust account, including interest earned on the
funds held in the trust account not previously released to the
Company to pay its taxes, divided by the number of Class A ordinary
shares then in issue, if the Board elects to exercise the extension
until December 31, 2023.
Upon Board approval of an extension to July 26, 2023, the
Sponsor will deposit $719,907.30 into the Company's trust account,
on or before April 26, 2023, representing $0.10 per Class A
ordinary share then in issue. Stockholders holding 15,300,927
shares of Class A ordinary shares exercised their right to redeem
their shares for a pro rata portion of the funds in the Company's
trust account. As a result, $160,337,374.32 will be removed to pay
such holders, with approximately $75,438,596.90 remaining in the
Company's trust account. Following the redemption, the Company's
remaining number of Class A ordinary shares was 7,199,073.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute
"forward-looking statements." All statements other than statements
of historical fact included in this press release are
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 final prospectus for the
offering 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.
About Pegasus Digital Mobility Acquisition Corp.
The Company is a blank check company incorporated as a Cayman
Islands exempted entity. The Company was founded by Strategic
Capital, an investment management organization focused on digital
economy investments. The Company is a special purpose acquisition
company formed for the purpose of effecting a business combination
with one or more businesses.
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version on businesswire.com: https://www.businesswire.com/news/home/20230419005927/en/
Robert Bruce Chief Marketing Officer Strategic Capital Fund
Management, LLC rbruce@scfundmanagement.com
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