NEW
YORK, Jan. 18, 2023 /PRNewswire/ -- North
Atlantic Acquisition Corporation (the "Company") (Nasdaq: NAAC)
today announced that its 2022 annual general meeting of
shareholders (the "Meeting") will be postponed from 9:30 a.m. Eastern Time on January 24, 2023 to 4:00
p.m. Eastern Time on January 25,
2023. The meeting can still be accessed virtually by
visiting https://www.cstproxy.com/naac/2023. The record date
for the Meeting remains the close of business on December 15, 2022 (the "Record Date"). The
Company encourages its shareholders to vote in favor of the
proposal to amend its charter to extend the date by which the
Company has to complete a business combination from January 26, 2023 to July
26, 2023 (the "Extension") and to vote in favor of the
proposal to ratify the selection by the Company's audit committee
of Marcum LLP to serve as its independent registered public
accounting firm for the year ended December
31, 2022.
Shareholders who have previously submitted their proxies or
otherwise voted and who do not want to change their vote need not
take any action. Shareholders as of the Record Date can vote, even
if they have subsequently sold their shares. In connection with the
postponement of the Meeting, the Company has further extended the
deadline for holders of the Company's Class A ordinary shares
issued in the Company's initial public offering (the "Class A
Shares") to submit their shares for redemption in connection with
the Extension Amendment to 5:00 p.m. Eastern
Time on January 23, 2023.
Shareholders who wish to withdraw their previously submitted
redemption request may do so prior to the rescheduled meeting by
requesting that the transfer agent return such shares by
2:00 p.m. Eastern Time on
January 25, 2023.
If the Extension is implemented, NAAC Sponsor LP, the Company's
sponsor (the "Sponsor"), has agreed to loan the Company funds to be
deposited into the Company's trust account (the "Trust Account")
for each Class A Share that is not redeemed. As stated in the
proxy statement, the Sponsor had agreed to loan the Company for
deposit $0.055 for each Class A Share
not redeemed for each month that is needed by the Company to
complete a business combination until July
26, 2023 (or such earlier date as determined by the
Company's Board of Directors). On January
18, 2023, the Sponsor informed the Company that it would
actually loan the Company for deposit the lesser of (i) an
aggregate of $192,500 or (ii)
$0.055 per Class A Share outstanding
after giving effect to the Extension and related redemptions, for
each month that is needed by the Company to complete a business
combination until July 26, 2023 (or
such earlier date as determined by the Company's Board of
Directors).
If the Extension is implemented, the Company plans to maintain
the remaining amounts in the Trust Account in an interest-bearing
demand deposit account at a national bank. Interest on such deposit
account will be variable.
About North Atlantic Acquisition Corporation
North Atlantic Acquisition Corporation is a blank check company,
also commonly referred to as a SPAC, formed for the purpose of
effecting a business combination with a company with global
ambition, with a primary focus on the consumer, industrials and TMT
sectors in Europe or North America, where its Board of Directors
has multiple decades of experience.
Participants in the Solicitation
The Company and its directors and executive officers and other
persons may be deemed to be participants in the solicitation of
proxies from the Company's shareholders in respect of the
Extension. Information regarding the Company's directors and
executive officers is available in its annual report on
Form 10-K filed with the SEC. Additional information
regarding the participants in the proxy solicitation and a
description of their direct and indirect interests are contained in
the Proxy Statement (defined below).
No Offer or Solicitation
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which the offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
Additional Information
The Company has filed with the Securities and Exchange
Commission (the "SEC") a definitive proxy statement (the "Proxy
Statement") in connection with an annual general meeting of
shareholders (the "Meeting") to consider and vote upon the
Extension and other matters and, beginning on December 21, 2022, mailed the Proxy Statement and
other relevant documents to its shareholders as of the December 15, 2022 record date for the
Meeting. The Company's shareholders and other interested
persons are advised to read the Proxy Statement and any other
relevant documents that have been or will be filed with the SEC in
connection with the Company's solicitation of proxies for the
Meeting because these documents will contain important information
about the Company, the Extension and related matters. Shareholders
may also obtain a free copy of the Proxy Statement, as well as
other relevant documents that have been or will be filed with the
SEC, without charge, at the SEC's website located
at www.sec.gov or by directing a request to North
Atlantic Acquisition Corporation, c/o Ellenoff Grossman &
Schole LLP, 1345 Avenue of the Americas, 11th Fl. New York, NY 10105.
Forward-Looking Statements
This press release may include, and oral statements made from
time to time by representatives of the Company 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. Statements
regarding possible business combinations and the financing thereof,
and related matters, as well as all other statements other than
statements of historical fact included in this press release are
forward-looking statements. When used in this press release, words
such as "anticipate," "believe," "continue," "could," "estimate,"
"expect," "intend," "may," "might," "plan," "possible,"
"potential," "predict," "project," "should," "would" and similar
expressions, as they relate to us or our management team, identify
forward-looking statements. Such forward-looking statements are
based on the beliefs of management, as well as assumptions made by,
and information currently available to, the Company's management.
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 SEC. All subsequent
written or oral forward-looking statements attributable to the
Company or persons acting on its behalf are qualified in their
entirety by this paragraph. 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, subsequent quarterly
reports on Form 10-Q and initial public offering prospectus. 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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SOURCE North Atlantic Acquisition Corporation