Liberty Media Acquisition Corporation Announces Key Dates in Connection with December 1, 2022 Termination Date and Liquidation
21 November 2022 - 10:15PM
Business Wire
On November 21, 2022, Liberty Media Acquisition
Corporation (“LMAC” or the “Company”) announced that in accordance
with the previously announced December 1, 2022 termination date set
by its Board of Directors pursuant to its Amended and Restated
Certificate of Incorporation which was filed with the Secretary of
State of the State of Delaware on November 14, 2022 (the
“Charter”), the Company expects to redeem all outstanding public
shares of the Company on December 1, 2022, and in any event by
December 15, 2022, following which the Company will be dissolved,
liquidated and wound up.
The Company has also requested the Nasdaq Stock Market to
suspend trading of (i) its Series A common stock, par value $0.0001
per share (“Series A Common Stock”), (ii) redeemable warrants to
purchase shares of Series A Common Stock (the “Redeemable
Warrants”) and (iii) units, each consisting of one share of Series
A Common Stock and one-fifth of one Redeemable Warrant (the "Units"
and together with the Series A Common Stock and the Redeemable
Warrants, the “Securities”) effective before the opening of trading
on December 1, 2022 and file with the Securities and Exchange
Commission the forms necessary to delist the Company’s
Securities.
Pursuant to the Charter, the public shares of Series A Common
Stock will be redeemed at a per-share price, payable in cash, equal
to the quotient obtained by dividing (A) the aggregate amount then
on deposit in the trust account, including interest (net of taxes
payable, and less up to $100,000 of such net interest to pay
dissolution expenses) (the “Redemption Amount”), by (B) the total
number of then outstanding public shares of Series A Common Stock.
The redemption will completely extinguish rights of holders of
public shares of Series A Common Stock. There will be no redemption
rights or liquidating distributions with respect to the Redeemable
Warrants, which will expire worthless upon the liquidation of the
Company.
If stockholders hold Units, such stockholders do not need to
separate the Units into their component parts in order to have
their public shares of Series A Common Stock redeemed.
Following the redemptions in connection with the approval and
implementation of the Charter, the total amount held in the trust
account was approximately $130,694,860, and a total of 12,979,609
Public Shares were outstanding. The Company estimates that the
total Redemption Amount will be approximately $130,694,860, and the
per-share Redemption Amount will be approximately $10.07.
Forward-Looking Statements
The foregoing communication includes certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements relating to the proposed
early unwind, de-listing of the Company's Securities and Redemption
Amount. These forward-looking statements involve many risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements. These
forward-looking statements speak only as of the date of the
foregoing communication, and the Company expressly disclaims any
obligation or undertaking to disseminate any updates or revisions
to any forward-looking statement contained herein to reflect any
change in its expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is
based. Please refer to the publicly filed documents of the Company,
including its most recent Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, for risks and uncertainties related to the
Company’s business which may affect the statements made in this
communication.
About Liberty Media Acquisition
Corporation
Liberty Media Acquisition Corporation (“LMAC”) is a blank check
company formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses. The
sponsor of LMAC, a wholly-owned subsidiary of Liberty Media
Corporation, holds a 20% interest in LMAC that is attributed to
Liberty Media Corporation’s Formula One Group tracking stock
(Nasdaq: FWONA, FWONK).
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