Lead Edge Growth Opportunities, Ltd (the “Company”) (Nasdaq:
LEGAU, LEGA, LEGAW), a special purpose acquisition company, today
announced that it will commence the redemption of all of its
outstanding Class A ordinary shares, par value $0.0001 (the “Public
Shares”), effective as of the close of business on March 15, 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
“Articles”).
As stated in the Company’s Articles and in the Company’s
registration statement on Form S-1 (Registration No. 333-253825),
as amended, initially filed with the United States Securities and
Exchange Commission (the “Commission”) on March 3, 2021, relating
to the Company’s initial public offering (the “Form S-1”), if the
Company is unable to complete an initial business combination by
March 25, 2023, twenty four months from the closing of the
Company’s initial public offering, the Company will: (i) cease all
operations except for the purpose of winding up; (ii) as promptly
as reasonably possible, but not more than ten business days
thereafter, redeem the Public Shares, at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the
Company’s trust account (the “Trust Account”), including interest
earned on the funds held in the Trust Account and not previously
released to the Company to pay the Company’s income taxes, if any
(less up to $100,000 of interest to pay dissolution expenses),
divided by the number of the then-outstanding Public Shares, which
redemption will completely extinguish public shareholders' rights
as shareholders of the Company (including the right to receive
further liquidation distributions, if any); and (iii) as promptly
as reasonably possible following such redemption, subject to the
approval of the Company’s remaining shareholders and the Company’s
board of directors, liquidate and dissolve, subject in the case of
clauses (ii) and (iii), to the Company’s obligations under Cayman
Islands law to provide for claims of creditors and the requirements
of other applicable law.
The per-share redemption price for the public shares will be
approximately $10.20 (the “Redemption Amount”). The balance of the
Trust Account as of February 27, 2023 was approximately
$352,054,428, which includes approximately $52,054,428 in interest
and dividend income (excess of cash over $300,000,000, the funds
deposited into the Trust Account). The final Redemption Amount will
depend upon the balance of the Trust Account following the
liquidation of the securities in which the funds held therein are
invested. In accordance with the terms of the related trust
agreement, the Company expects to retain $100,000 of the interest
and dividend income from the Trust Account to pay dissolution
expenses.
As of the close of business on March 15, 2023, the Public Shares
will be deemed cancelled and will represent only the right to
receive the Redemption Amount.
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’s sponsor has waived its redemption rights with
respect to the outstanding Class A ordinary shares, held by the
sponsor, and the Class B ordinary shares. After March 15, 2023, the
Company shall cease all operations except for those required to
wind up the Company’s business.
The Company expects that the Nasdaq Capital Market will file a
Form 25 with 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 Lead Edge Growth Opportunities, Ltd
Lead Edge Growth Opportunities, 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 includes “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. When used in this press release, the words “could,”
“should,” “will,” “may,” “believe,” “anticipate,” “intend,”
“estimate,” “expect,” “project,” the negative of such terms and
other similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words. Such forward-looking statements are based
on current information and expectations, forecasts and assumptions,
and involve a number of judgments, risks and uncertainties.
Accordingly, forward-looking statements should not be relied upon
as representing the Company’s views as of any subsequent date, and
the Company does not undertake any obligation to update
forward-looking statements to reflect events or circumstances after
the date they were made, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws. You should not place undue reliance on
these forward-looking statements. As a result of a number of known
and unknown risks and uncertainties, actual results or performance
may be materially different from those expressed or implied by
these 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” in the Company’s Form S-1 relating to its initial public
offering, annual, quarterly reports and subsequent reports filed
with the Commission, as amended from time to time. Copies of such
filings are available on the Commission’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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230301005949/en/
Nimay Mehta 96 Spring Street, 5th Floor New York, New York 10012
(212) 984-2421
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