PHILADELPHIA, PA, Nov. 18 2022 (GLOBE NEWSWIRE) — FinTech Acquisition Corp. V (NASDAQ:FTCV) (the “Company”), a blank check company formed for the purpose of acquiring or merging with one or more businesses, today announced that because the Company will not complete a first business combination within the time period required by its Amended and Restated Certificate of Incorporation (the “Charter”), the Company intends to dissolve and liquidate in accordance with the provisions of the Charter, effective as of the close of business on December 9, 2022, and will redeem all outstanding shares of Class A Common Stock that were included in the Units issued in its first public offering (“Public shares”), at one per – redemption price of approximately $10.08.
As of the close of business on December 9, 2022, the public shares will be considered canceled 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 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 in the trust account, less $100,000 in interest to pay dissolution expenses and net of taxes payable, by delivering its 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 9 December 2022.
The Company’s sponsors have agreed to waive their redemption rights with respect to their outstanding shares of Class B common stock issued prior to the Company’s IPO. There will be no redemption rights or liquidation distributions in respect of the Company’s warrants, 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. The Company expects that the public shares, as well as the Company’s listed shares and warrants, will cease to trade as of the close of business on December 8, 2022.
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 Annual Report on Form 10-K filed with the Commission and subsequent reports filed with the Commission, as amended from time to time. Copies of these documents are available on the Commission’s website, at 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.
Contact information:
FinTech Acquisition Corp. V
[email protected]
