Lazard Growth Acquisition Corp. I Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination
09 Februar 2023 - 10:20PM
Business Wire
Lazard Growth Acquisition Corp. I (Nasdaq: LGAC), a special
purpose acquisition company (the “Company”), today announced that
it will redeem all of its outstanding Class A ordinary shares, par
value $0.0001, previously issued to the public (the “Public
Shares”), effective as of February 22, 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 Form S-1 and in the Company’s
Articles, if the Company is unable to complete an initial business
combination within 24 months from the closing of its initial public
offering on February 12, 2021 (subject to certain inapplicable
exceptions), 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 trust account (“Trust
Account”), including interest earned on the funds held in the Trust
Account and not previously released to the Company to pay its
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 (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
each case to the Company’s obligations under Cayman Islands law to
provide for claims of creditors and the requirements of other
applicable law.
Net of taxes and dissolution expenses, the per-share redemption
price for the Public Shares is expected to be approximately $10.19
(the “Redemption Amount”). In accordance with the terms of the
Articles and the related trust agreement, the Company expects to
retain $100,000 of the interest income from the Trust Account to
pay dissolution expenses. The Company anticipates that the Public
Shares will cease trading as of the close of business on February
21, 2023. As of February 22, 2023, the Public Shares will be deemed
cancelled and will represent only the right to receive the
Redemption Amount. After February 22, 2023, the Company shall cease
all operations except for those required to wind up the Company’s
business.
The Redemption Amount will be paid on February 22, 2023 to the
beneficial owners of Public Shares held in street name without any
required action on their part. The Redemption Amount will be paid
to record holders of Public Shares upon presentation of their
respective share or unit certificates or other delivery of their
shares or units to the Company’s transfer agent, Continental Stock
Transfer & Trust Company, on or after February 22, 2023.
There will be no redemption rights or liquidating distributions
with respect to the Company’s warrants, which will expire
worthless.
The Company expects that The Nasdaq Stock Market LLC will file a
Form 25 with the United States Securities and Exchange Commission
(the “SEC”) to delist its securities. The Company thereafter
expects to file a Form 15 with the SEC to terminate the
registration of its securities under the Securities Exchange Act of
1934, as amended.
Important Additional Information and Where to Find It
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. Information about the Company and certain of
the matters discussed in this press release is available at the
SEC’s website at www.sec.gov.
Cautionary Note Regarding 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 annual report on Form 10-K and
other documents the Company has filed with the SEC. Copies are
available on the SEC’s website at www.sec.gov. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this press release, except as required
by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230209005163/en/
Investor Contact Email: LGACinfo@lazard.com
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