NEW
YORK, Nov. 29, 2022 /PRNewswire/ -- Empowerment
& Inclusion Capital I Corp. (NYSE: EPWR) (the "Company")
announced today that, because the Company is unable to consummate
an initial business combination within the time period required by
its Amended and Restated Certificate of Incorporation (the "Amended
Charter"), the Company intends to dissolve and liquidate in
accordance with the provisions of the Amended Charter prior to
Dec. 31, 2022, 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
$10.09.
As of the close of business Dec. 14,
2022, 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 will instruct the trustee of the trust account
to take all necessary actions to liquidate the assets 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 Dec. 14,
2022.
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.
The Company expects that the New York Stock Exchange will file a
Form 25 with the United States Securities and Exchange Commission
(the "SEC") to delist the Company's 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. The Company anticipates that the Public Shares
will cease trading as of the close of business Dec. 13, 2022.
Cautionary Note Concerning 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 for the
fiscal year ended Dec. 31, 2021,
filed with the SEC on March 9,
2022, and subsequent reports filed with the SEC, as amended
from time to time. Copies of these documents are available on the
SEC's website, www.sec.gov. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
CONTACTS
MEDIA :
Tim Miller
(412) 762-4550
media.relations@pnc.com
OTHER INQUIRIES :
(212) 468-8655
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SOURCE Empowerment & Inclusion Capital I Corp.