Pegasus Digital Mobility Acquisition Corp. Announces Redemption Results and Confirms Voluntary Payment Amount
27 July 2023 - 11:37PM
Business Wire
Pegasus Digital Mobility Acquisition Corp. (NYSE: PGSS.U) (the
"Company"), a special purpose acquisition company founded by
Pegasus Digital Mobility Sponsor (the "Sponsor") and formed
for the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, reorganisation or similar business
combination with one or more businesses or assets (a "Business
Combination"), today announced that holders of 2,195,855 of the
Company's 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 in connection with the announcement of the further
extension of the period of time the Company has to consummate its
proposed Business Combination with Gebr. SCHMID GmbH (the
"SCHMID Group") to December 31, 2023. As a result,
approximately $53.7 million will be remaining in the Company's
trust account. Following the redemption, the Company's remaining
number of issued and outstanding Class A ordinary shares was
5,003,218.
Commencing on August 1, 2023 and paid on the first day of each
month thereafter until the earliest of (i) the date on which the
Company consummates a Business Combination or (ii) December 31,
2023, the Sponsor will deposit $150,096.54 per month into the
Company's trust account, representing $0.03 (three U.S. cents) per
Class A ordinary share then in issue. The contribution amount shall
be made available and paid on a monthly basis after the issuance of
a non-convertible unsecured promissory note from the Company to the
Sponsor in connection therewith. Should the Company's Board
determine that it will not be able to consummate the initial
Business Combination by December 31, 2023 and that the Company
shall instead liquidate, the Sponsor's obligation to continue to
make such contributions shall immediately cease. If the Board
determines that more time is needed to consummate the initial
Business Combination, a shareholders' vote in an extraordinary
general meeting will be required to change the second amended and
restated memorandum and articles of association of the Company.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains statements that constitute
"forward-looking statements" within the meaning of the safe harbor
provisions of the United States Private Securities Litigation
Reform Act of 1995. All statements other than statements of
historical fact included in this press release are forward-looking
statements. Forward-looking statements involve predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to certain risks and uncertainties, including but not
limited to:
- the occurrence of any event, change or other circumstances that
could give rise to the termination of the proposed Business
Combination with the SCHMID Group;
- the outcome of any legal proceedings that may be instituted
against the Company, the SCHMID Group, the combined company or
others following the announcement of the Business Combination and
any definitive agreements with respect thereto;
- the inability to complete the Business Combination with the
SCHMID Group due to the failure to obtain approval of the
shareholders of the Company or to satisfy other conditions to
closing;
- changes to the proposed structure of the Business Combination
with the SCHMID Group that may be required or appropriate as a
result of applicable laws or regulations or as a condition to
obtaining regulatory approval of the Business Combination;
- the ability to meet stock exchange listing standards following
the consummation of the Business Combination with the SCHMID
Group;
- the risk that the Business Combination disrupts current plans
and operations of the Company or the SCHMID Group as a result of
the announcement and consummation of the Business Combination with
the SCHMID Group;
- the ability to recognise the anticipated benefits of the
Business Combination with the SCHMID Group, which may be affected
by, among other things, competition, the ability of the combined
company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees;
- costs related to the Business Combination with the SCHMID
Group;
- changes in applicable laws or regulations and delays in
obtaining, adverse conditions contained in, or the inability to
obtain regulatory approvals required to complete the Business
Combination with the SCHMID Group;
- the possibility that the Company, the SCHMID Group or the
combined company may be adversely affected by other economic,
business, and/or competitive factors;
- the estimates of expenses and profitability and underlying
assumptions with respect to shareholder redemptions and purchase
price and other adjustments; and
- other risks and uncertainties set forth in the section entitled
"Risk Factors" in the Company's prospectus on Form S-1 approved by
the SEC.
The foregoing list of factors is not exhaustive. The
forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and the SCHMID Group and the Company assume no
obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Copies of the Company's registration
statement are available on the SEC’s website, www.sec.gov.
Additional Information and Where to Find It
INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ
ANY DOCUMENTS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) THE
COMPANY FILES WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY
BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION.
Investors and security holders will be able to obtain free copies
of any documents (including any amendments or supplements thereto)
filed with the SEC through the website maintained by the SEC at
www.sec.gov or by directing a request to
investor-relations@pegasusdm.com.
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Pegasus Contact Information Investor Relations
investor-relations@pegasusdm.com
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