LAVA Medtech Acquisition Corp. Announces Liquidation
29 April 2023 - 12:45AM
LAVA Medtech Acquisition Corp. (NASDAQ: LVAC) (the “Company”)
announced today that the board of directors of the Company (the
“Board”) has elected to abandon and not implement the extension
that was approved by stockholders on April 25, 2023, because
despite significant efforts to identify and complete an initial
business combination, the Board does not believe that the Company
will be able to complete an initial business combination on
favorable terms even with the extension. In making its decision,
the Board has carefully considered the costs, benefits,
and risks of prolonging the Company’s life, including the current
adverse market conditions and increased regulatory uncertainty
around SPACs.
As a result, the Company intends to dissolve and
liquidate in accordance with the provisions of its Amended and
Restated Certificate of Incorporation (the “Amended Charter”),
effective as of April 29, 2023, and will redeem all of the
outstanding shares of Class A common stock that were included
in the units issued in its initial public offering (the “Public
Shares”), at a per-share redemption price of
approximately $10.42 (without giving effect to any interest that
may be withdrawn to pay for taxes).
As of April 29, 2023, the Public Shares will be deemed cancelled
and will represent only the right to receive the redemption
amount.
In order to provide for the disbursement of
funds from the trust account, the Company has instructed the
trustee of the trust account to take all necessary actions to
liquidate the securities held in the trust account. The proceeds of
the trust account will be held in a non-interest bearing
account while awaiting disbursement to the holders of the Public
Shares. Record holders will receive their pro rata portion of the
proceeds of the trust account by delivering their Public Shares to
Continental Stock Transfer & Trust Company, the Company’s
transfer agent. Beneficial owners of Public Shares held in “street
name,” however, will not need to take any action in order to
receive the redemption amount. The redemption of the Public Shares
is expected to be completed within ten business days after April
29, 2023.
The Company’s sponsor has agreed to waive its
redemption rights with respect to its outstanding Class B
common stock issued prior to the Company’s initial public
offering.
There will be no redemption rights or liquidating distributions
with respect to the Company’s warrants, which will expire
worthless.
Forward-Looking Statements
This press release may include “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. Such forward-looking
statements are based on the beliefs and reasonable assumptions of
management, and actual results could differ materially from those
contemplated by the forward-looking statements as a result of
certain factors detailed in the Company’s filings with the
Securities and Exchange Commission. The Company undertakes no
obligation to update any forward-looking statements after the date
of this release, except as required by law.
Contact
LAVA Medtech Acquisition Corp.Tel: (781) 530-3868Email:
info@lavamedtechacquisition.comWebsite: www.lavamedtechacquisition.com
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