Interest on Lawyer Trust Accounts

ALSP Orchid Acquisition Corporation I Announces it Will Redeem its Public Shares and Will Not Consummate an Initial Business Combination

Retrieved on: 
Wednesday, November 8, 2023
Science, Venture Capital, Biotechnology, Research, Pharmaceutical, Finance, Health, Professional Services, Transfer, IPO, Commission, Tax, Accounting, Form S-1, Form, Wind, Electric Bond and Share Company v. Securities and Exchange Commission, Bank statement, Finance Secretary (India), Trust, Interest on Lawyer Trust Accounts, Extension, ALSP, Articles of association, Security (finance), Article

As stated in the Company’s Articles and in the Company’s registration statement on Form S-1 (Registration No.

Key Points: 
  • As stated in the Company’s Articles and in the Company’s registration statement on Form S-1 (Registration No.
  • The per-share redemption price for the Public Shares will be approximately $10.86 (the “Redemption Amount”).
  • The Redemption Amount will be payable to the holders of the Public Shares upon delivery of their shares or units to the Company’s transfer agent, Continental Stock Transfer & Trust Company.
  • Beneficial owners of Public Shares held in “street name,” however, will not need to take any action in order to receive the Redemption Amount.

Industrial Tech Acquisitions II, Inc. Announces Termination of Merger Agreement with NEXT Renewable Fuels, Inc. and its Intention to Liquidate

Retrieved on: 
Wednesday, November 1, 2023
Transfer, Tax, Tripura Merger Agreement, Sponsor, Accounting, NEXT, Finance Secretary (India), Trust, Plan, Interest on Lawyer Trust Accounts, Termination, Charter, Agreement, Security (finance), Mergers and acquisitions

As a result, $165,137,380.09 (approximately $10.38 per share) was removed from the Trust Account to pay such holders, and the Company currently has 1,348,887 Public Shares outstanding.

Key Points: 
  • As a result, $165,137,380.09 (approximately $10.38 per share) was removed from the Trust Account to pay such holders, and the Company currently has 1,348,887 Public Shares outstanding.
  • The Merger Agreement was dated as of November 21, 2023, as amended.
  • The Termination and Release Agreement terminates the Merger Agreement on mutually acceptable terms.
  • The Termination and Release Agreement will be described in a Form 8-K to be filed by ITAQ.

Aimfinity Investment Corp. I Announces Fourth Extension of the Deadline for an Initial Business Combination to November 28, 2023

Retrieved on: 
Friday, October 27, 2023
Accounting, Interest on Lawyer Trust Accounts, Acquisition, Security (finance), Financial services

Wilmington, Delaware, Oct. 27, 2023 (GLOBE NEWSWIRE) -- Aimfinity Investment Corp.

Key Points: 
  • Wilmington, Delaware, Oct. 27, 2023 (GLOBE NEWSWIRE) -- Aimfinity Investment Corp.
  • I (the “Company” or “AIMA”) (Nasdaq: AIMAU), a special purpose acquisition company incorporated as a Cayman Islands exempted company, today announced that, in order to extend the date by which the Company mush complete its initial business combination from October 28, 2023 to November 28, 2023, I-Fa Chang, sole member and manager of the sponsor of the Company, has deposited into its trust account (the “Trust Account”) an aggregate of $85,000 (the “Monthly Extension Payment”).
  • Pursuant to the Company’s second amended & restated memorandum and articles of association (“Current Charter”), effectively July 27, 2023, the Company may extend on a monthly basis from July 28, 2023 until April 28, 2024 or such an earlier date as may be determined by its board to complete a business combination by depositing the Monthly Extension Payment for each month into the Trust Account.
  • This is the fourth of nine monthly extensions of the Company.

Quantum FinTech Acquisition Corporation Stockholders Approve Business Combination with AtlasClear

Retrieved on: 
Monday, November 6, 2023
Fintech, Professional Services, Finance, Business analyst, NYSE, Meeting, Accounting, Acquisition, Trust, Interest on Lawyer Trust Accounts, NYSE American, Security (finance), Quantum

Quantum FinTech Acquisition Corporation (“Quantum”) (NYSE: QFTA), a special purpose acquisition company, announced today that its stockholders have approved the proposed business combination (the “Business Combination”) with AtlasClear, Inc. (“AtlasClear”), at a special meeting of Quantum stockholders that was held on Friday, November 3, 2023.

Key Points: 
  • Quantum FinTech Acquisition Corporation (“Quantum”) (NYSE: QFTA), a special purpose acquisition company, announced today that its stockholders have approved the proposed business combination (the “Business Combination”) with AtlasClear, Inc. (“AtlasClear”), at a special meeting of Quantum stockholders that was held on Friday, November 3, 2023.
  • Each of the proposals presented at the special meeting was approved, and the Business Combination is expected to be consummated as soon as practicable following the satisfaction or waiver of the remaining closing conditions described in the proxy statement for the special meeting, including the condition that the common stock of Calculator New Pubco, Inc. (“New Pubco”) will have been approved for listing on the NYSE American.
  • Following the closing of the Business Combination, the common stock of New Pubco is expected to begin trading on the NYSE American under the symbol “ATCH”.
  • In connection with the Meeting, stockholders holding 4,953,369 shares out of a possible 5,050,384 shares of Quantum’s common stock (the “Public Shares”) exercised their right to redeem their shares for a pro rata portion of the funds in Quantum’s trust account (the “Trust Account”).

Chain Bridge I Will Redeem Public Shares

Retrieved on: 
Tuesday, October 31, 2023
Other Professional Services, Professional Services, Finance, Transfer, Commission, Tax, Accounting, Form, Wind, Exhibit, Acquisition, Bangladesh Securities and Exchange Commission, Finance Secretary (India), Trust, Interest on Lawyer Trust Accounts, Letter, CB, Articles of association, Security (finance)

The per-share redemption price for the public shares will be approximately $10.80 (the “Redemption Amount”).

Key Points: 
  • The per-share redemption price for the public shares will be approximately $10.80 (the “Redemption Amount”).
  • As of the close of business on November 15, 2023, the Public Shares will be deemed cancelled and will represent only the right to receive the Redemption Amount.
  • The Redemption Amount will be payable to the holders of the Public Shares upon presentation of their respective stock or unit certificates or other delivery of their shares or units to the Company’s transfer agent, Continental Stock Transfer & Trust Company.
  • Beneficial owners of Public Shares held in “street name,” however, will not need to take any action in order to receive the Redemption Amount.

X-energy and Ares Acquisition Corporation Mutually Agree to Terminate Business Combination Agreement

Retrieved on: 
Tuesday, October 31, 2023
Finance, Alternative Energy, Energy, Professional Services, Nuclear, Transfer, Combination, U.S. Department of Defense Strategy for Operating in Cyberspace, NYSE, New York Stock Exchange, Accounting, ARES, Energy Northwest, Wind, Acquisition, Final, Entrepreneurship, Electric Bond and Share Company v. Securities and Exchange Commission, Texas Gulf Coast, Redemption, Finance Secretary (India), Growth, Trust, Partner, United States Department of Energy, Dow, Interest on Lawyer Trust Accounts, Texas Gulf Coast Regional Airport, AAC, Defense, Cryptocurrency, Management, Security (finance), Article

X-Energy Reactor Company, LLC (“X-energy”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, and Ares Acquisition Corporation (NYSE: AAC) (“AAC”), a publicly-traded special purpose acquisition company, announced today that they have mutually agreed to terminate their previously announced business combination agreement (the “Business Combination Agreement”), effective immediately.

Key Points: 
  • X-Energy Reactor Company, LLC (“X-energy”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, and Ares Acquisition Corporation (NYSE: AAC) (“AAC”), a publicly-traded special purpose acquisition company, announced today that they have mutually agreed to terminate their previously announced business combination agreement (the “Business Combination Agreement”), effective immediately.
  • Neither party will be required to pay the other a termination fee as a result of the mutual decision to terminate the business combination agreement.
  • In view of the termination of the Business Combination Agreement, AAC determined that it will not be able to consummate an initial business combination within the time period required by its amended and restated memorandum and articles of association (as amended, the “Articles”).
  • As of November 6, 2023, AAC will cease all operations except those required to wind up AAC’s business.

Feutune Light Acquisition Corporation Announces Extension of the Deadline for an Initial Business Combination

Retrieved on: 
Friday, October 20, 2023
Accounting, Interest on Lawyer Trust Accounts, Security (finance), Property management

Metuchen, NJ, Oct. 20, 2023 (GLOBE NEWSWIRE) -- Feutune Light Acquisition Corporation (NASDAQ: FLFV) (the “Company”), a blank check company incorporated as a Delaware corporation, today announced that, in order to extend the date by which the Company must complete its initial business combination from October 21, 2023 to November 21, 2023, an aggregate of $100,000 has been deposited into Company’s trust account (the “Trust Account”).

Key Points: 
  • Metuchen, NJ, Oct. 20, 2023 (GLOBE NEWSWIRE) -- Feutune Light Acquisition Corporation (NASDAQ: FLFV) (the “Company”), a blank check company incorporated as a Delaware corporation, today announced that, in order to extend the date by which the Company must complete its initial business combination from October 21, 2023 to November 21, 2023, an aggregate of $100,000 has been deposited into Company’s trust account (the “Trust Account”).
  • Pursuant to the Company’s Amended and Restated Certificate of Incorporation currently in effect, the Company may extend on monthly basis from June 21, 2023 until March 21, 2024 or such an earlier date as may be determined by its board to complete a business combination by depositing $100,000 for each month into the Trust Account.

Acri Capital Acquisition Corporation Announces Extension of the Deadline for an Initial Business Combination

Retrieved on: 
Thursday, October 12, 2023
ACAC, Interest on Lawyer Trust Accounts, Incorporation, Acquisition, Accounting, The New Monthly Magazine, Bank, Security (finance), Financial services

Austin, Texas, Oct. 12, 2023 (GLOBE NEWSWIRE) -- Acri Capital Acquisition Corporation (the “Company”) (Nasdaq: ACAC), a special purpose acquisition company, today announced that, in order to extend the date by which the Company must complete its initial business combination from October 14, 2023 to November 14, 2023, Acri Capital Sponsor LLC, the sponsor of the Company, has deposited into its trust account (the “Trust Account”) an aggregate of $75,000 (the “New Monthly Extension Payment”).

Key Points: 
  • Austin, Texas, Oct. 12, 2023 (GLOBE NEWSWIRE) -- Acri Capital Acquisition Corporation (the “Company”) (Nasdaq: ACAC), a special purpose acquisition company, today announced that, in order to extend the date by which the Company must complete its initial business combination from October 14, 2023 to November 14, 2023, Acri Capital Sponsor LLC, the sponsor of the Company, has deposited into its trust account (the “Trust Account”) an aggregate of $75,000 (the “New Monthly Extension Payment”).
  • Pursuant to the Company’s Amended and Restated Certificate of Incorporate currently in effect, the Company may extend on monthly basis from July 14, 2023 until April 14, 2024 or such an earlier date as may be determined by its board to complete a business combination by depositing the New Monthly Extension Payment for each month into the Trust Account.

Nabors Energy Transition Corp. Announces Extension of Deadline to Complete Business Combination

Retrieved on: 
Friday, October 13, 2023
Extension, Interest on Lawyer Trust Accounts, NYSE, Sponsor, The Company, Business, Accounting, NETC, Renewable energy, Security (finance)

The Extension provides NETC with additional time to complete its previously announced initial business combination (the "Business Combination") with Vast Solar Pty Ltd ("Vast").

Key Points: 
  • The Extension provides NETC with additional time to complete its previously announced initial business combination (the "Business Combination") with Vast Solar Pty Ltd ("Vast").
  • In connection with the Extension, Nabors Lux 2 S.a.r.l.
  • ("Nabors Lux"), an affiliate of Nabors Energy Transition Sponsor LLC (the "Sponsor"), has deposited $295,519.23 (the "Extension Payment") into NETC's trust account for its public stockholders (the "Trust Account"), which enables NETC to effectuate the Extension.
  • If NETC does not consummate an initial business combination, it will repay the loans only from funds held outside of the Trust Account.

26 Capital Acquisition Corp. Announces Hold to Liquidation

Retrieved on: 
Tuesday, October 3, 2023
Transfer, Redemption, Delaware Court of Chancery, Trust, Delaware Court, Accounting, Complaint, Interest on Lawyer Trust Accounts, Motion, Liquidation, Hearing, Capital, TRO, Security (finance)

Concurrently with filing the Motion, Schulte also filed a complaint against 26 Capital in the Delaware Court related to disputed legal fees.

Key Points: 
  • Concurrently with filing the Motion, Schulte also filed a complaint against 26 Capital in the Delaware Court related to disputed legal fees.
  • 26 Capital is evaluating its legal options regarding these proceedings and intends to defend itself vigorously against Schulte's allegations; 26 Capital remains committed to returning the funds held in the Trust Account to its public stockholders as soon as possible.
  • Additionally, 26 Capital announced today that, effective September 21, 2023, J. Randall Waterfield resigned from the board of directors of 26 Capital.
  • Mr. Waterfield's resignation was not the result of any dispute or disagreement with 26 Capital or 26 Capital's board of directors on any matter relating to 26 Capital's operations, policies or practices.