FinTech Evolution Acquisition Group announces liquidation
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New York, New York, Feb. 24, 2023 (GLOBE NEWSWIRE) — FinTech Evolution Acquisition Group (the “Company”) (NYSE: FTEV ), today announced that due to its inability to complete an initial business combination within the time period required of its Amended and Restated Memorandum and Articles of Incorporation (“Charter”), the Board of Directors of the Company has elected to dissolve and liquidate the Company in accordance with the provisions of its Charter, and will redeem all outstanding Class A common stock that was included in the Units issued in its initial public offering (the “Public Shares”), at an exercise price per share currently estimated to be approximately $10.18.
As of the close of business on March 13, 2023, the public shares will be considered canceled and will represent only the right to receive the redemption amount. The company expects that the last day for the public shares to be traded is 3 March 2023. Trading in public shares will be suspended with effect before the opening of the markets on 6 March 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. Holders of record will receive their pro rata share of the trust account income 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 13 March 2023.
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 IPO. There will be no redemption rights or liquidation distributions in respect of the Company’s warrants, which will expire worthless.
About FinTech Evolution Acquisition Group
FinTech Evolution Acquisition Group is a blank check company formed for the purpose of carrying out a merger, share exchange, asset purchase, share purchase, reorganization or similar business combination with one or more businesses. Although the Company may pursue an initial business combination objective in any business or industry, it intends to focus its efforts on financial technology and technology-enabled services (“FinTech”) businesses that provide specific technology solutions, broader technology software or services/products to the financial services industry.
Forward-looking statements
This press release may contain, and oral statements from time to time by representatives of the Company may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “may”, “plan » “possible,” “potential,” “forecast,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on management’s beliefs, as well as assumptions made by and information available to the Company’s management. Actual results may differ materially from those contemplated in the forward-looking statements as a result of certain factors described in the company’s filings with the Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. 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 IPO prospectus filed with the SEC. 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:
Rohit Bhagat/Michael Latham
650.739.6741
[email protected]/[email protected]
