New York, NY, April 21, 2023 (GLOBE NEWSWIRE) — Blockchain Moon Acquisition Corp. (the “Company”) announced today that due to its inability to complete an initial business combination within the time period required by its amended and restated certificate of incorporation (the “Articles”), the Company intends to dissolve and liquidate in accordance with the provisions of its bylaws, and will redeem all outstanding common stock that was included in the shares issued in its initial public offering (the “Public Shares”), at a redemption price per share of approximately $10.49.
As of the close of business on April 21, 2023, the public shares will be considered canceled and will represent only the right to receive the redemption amount. The Company expects that the public shares, as well as the Company’s listed shares, warrants and rights, will cease to trade as of the close of business on April 21, 2023.
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 securities in the trust account. The income from the trust account will be held in a non-interest bearing account pending payment to the holders of the public shares. Record holders will receive theirs pro rata portion of the proceeds from the trust account by delivering their public shares to Continental Stock Transfer & Trust Company, the company’s transfer agent. However, beneficial owners of public shares held in “street name” will not need to do anything to receive the redemption amount. The redemption of the public shares is expected to be completed within ten working days after 21 April 2023.
The Company’s sponsor, officers and directors have agreed to waive their redemption rights with respect to their outstanding shares of common stock issued to them. There will be no redemption rights or liquidation distributions in respect of the Company’s warrants or rights, which will expire worthless.
The Company expects that Nasdaq Stock Market LLC will file a Form 25 with the United States Securities and Exchange Commission (the “Commission”) to delist the Company’s securities. The Company then expects to file a Form 15 with the Commission to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to a number of conditions, many of which are beyond the Company’s control, including those set forth in the “Risk Factors” section of the Company’s registration statement and prospectus for the offering filed with the SEC. Copies 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.
