If approved, the Sponsor will make additional
monthly contributions to the trust account during the extension
period
The proposal will be voted on by stockholders at
the upcoming special meeting of stockholders on September 29, 2022
STAMFORD, Conn., Sept. 16,
2022 /PRNewswire/ -- Atlantic Avenue Acquisition Corp
(NYSE: ASAQ.U, ASAQ, ASAQ WS) (the "Company") announced today that
it reaffirmed its intention to support the proposals to amend (i)
the Company's Amended and Restated Certificate of Incorporation to
allow the Company, without another stockholder vote, to elect to
extend the date by which the Company must consummate a business
combination (the "Extension") from October
6, 2022 (the date that is 24 months from the closing date of
the Company's initial public offering of units (the "IPO")), on a
monthly basis for up to six times to April
6, 2023 (the date that is 30 months from the closing date of
the IPO), and (ii) the Company's Investment Management Trust
Agreement, dated October 1, 2020, by
and between the Company and Continental Stock Transfer & Trust
Company (the "Trustee"), to allow the Company, without another
stockholder vote, to elect to extend the date on which the Trustee
must liquidate the trust account established by the Company in
connection with its IPO if the Company has not completed its
initial business combination, on a monthly basis for up to six
times from October 6, 2022 (the date
that is 24 months from the closing date of the IPO) to April 6, 2023 (the date that is 30 months from
the closing date of the IPO). In order to support these proposals,
the Company and Atlantic Avenue Partners LLC (the "Sponsor") have
agreed that, if the proposals are both approved, the Sponsor will
deposit (or cause to be deposited) into the trust account, for each
one-month extension, the lesser of: (x) $150,000 or (y) $0.05 per share multiplied by the number of
public shares that are not redeemed in connection with the upcoming
special meeting on September 29, 2022
(each, a "Monthly Contribution").
Each Monthly Contribution will be deposited in the trust account
no later than one business day prior to the beginning of the
applicable extension period. The Monthly Contribution(s) will bear
no interest and will be repayable by the Company to the Sponsor (or
its designee(s)) upon consummation of an initial business
combination. The loans will be forgiven if the Company is unable to
consummate an initial business combination, except to the extent of
any funds held outside of the trust account. In the event the
extension is approved by the Company's stockholders and the Sponsor
elects to not fund a Monthly Contribution, which it may do in its
sole discretion, the Company will dissolve and liquidate in
accordance with its charter.
The Extension and Trust Amendment Proposals will be voted on by
stockholders at the upcoming special meeting of stockholders on
September 29, 2022 (the "Special
Meeting") and is described in further detail in the Company's
Definitive Proxy Statement on Schedule 14A (the "Proxy Statement"),
filed with the U.S. Securities and Exchange Commission ("SEC") on
September 2, 2022.
The Special Meeting will be held virtually at 10:00 a.m. Eastern Time on September 29, 2022, at
https://www.cstproxy.com/asaqspac/2022, or at such other time, on
such other date and at such other place at which the meeting may be
adjourned or postponed. Further detail related to attendance and
voting is described in the Company's Proxy Statement.
About Atlantic Avenue Acquisition
Corp
Atlantic Avenue Acquisition Corp is a special purpose
acquisition 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.
Forward-Looking
Statements
This release includes "forward-looking statements" within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. The Company's actual results may
differ from its expectations, estimates and projections and
consequently, you should not rely on these forward looking
statements as predictions of future events. Words such as "expect,"
"estimate," "project," "budget," "forecast," "anticipate,"
"intend," "plan," "may," "will," "could," "should," "believes,"
"predicts," "potential," "continue," and similar expressions (or
the negative versions of such words or expressions) are intended to
identify such forward-looking statements. These forward-looking
statements include, without limitation, Company's commitment to
funding the Monthly Contributions, the Company's expectations with
respect to future performance and anticipated financial impacts of
the non-binding letter of intent that it has entered into with a
differentiated food tech platform for an initial business
combination. These forward-looking statements involve significant
risks and uncertainties that could cause the actual results to
differ materially from the expected results. Most of these factors
are outside the Company's control and are difficult to predict. The
Company cautions investors not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
The Company does not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions or circumstances
on which any such statement is based.
Company Contact:
Barry
Best, CFO, Atlantic Avenue Acquisition Corp,
info@asaqspac.com (203) 989-9709
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SOURCE Atlantic Avenue Acquisition Corp