Athena Consumer Acquisition Corp. Announces Second Extension of Deadline to Complete Initial Business Combination

Rhea-AI Summary

Athena Consumer Acquisition Corp. (NYSE: ACAQ.U, ACAQ, ACAQ WS) has announced an extension for its initial business combination deadline from February 22, 2023, to March 22, 2023. This decision was made by the Board of Directors, with the sponsor, Athena Consumer Acquisition Sponsor LLC, depositing $112,691.48 into Athena’s trust account to facilitate this extension. Athena's charter allows for up to six one-month extensions, with this being the second. The extension aims to provide additional time for Athena to finalize its planned acquisition, following a previous extension implemented in January 2023.

Positive

• Extension allows additional time to complete the initial business combination.
• Sponsor's deposit of $112,691.48 enhances the trust account for future acquisitions.

Negative

• Dependence on stockholder approval for the extension could pose risks.
• Potential for high redemptions by stockholders may affect available funds for the business combination.

New York, NY, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Athena Consumer Acquisition Corp. (NYSE: ACAQ.U, ACAQ, ACAQ WS) (“Athena”), announced today that its board of directors (the “Board”) has decided to extend the date by which Athena must consummate an initial business combination (the “Deadline Date”) from February 22, 2023 for an additional month, to March 22, 2023, and that its sponsor, Athena Consumer Acquisition Sponsor LLC (the “Sponsor”) deposited $112,691.48 into Athena’s trust account in connection with this extension, the second of six potential one-month extensions of the Deadline Date available to Athena.

Athena’s Second Amended and Restated Certificate of Incorporation (the “Charter”) provides Athena the right to extend the Deadline Date up to six times for an additional one month each time (each, an “Extension”), from January 22, 2023 to up to July 22, 2023. As previously disclosed, in January 2023, the Board had implemented a first Extension and had extended the initial Deadline Date to February 22, 2023.  On February 17, 2023, pursuant to the Charter, the Board determined to implement a second Extension to allow additional time for Athena to complete its initial business combination. In connection with the second Extension and pursuant to an unsecured promissory note Athena and the Sponsor entered into on January 17, 2023, Athena delivered to the Sponsor a written request to draw down $112,691.48 for the second month of the Extension. On the same day, the Sponsor deposited such contribution into Athena’s trust account.

About Athena Consumer Acquisition Corp.

Athena Consumer Acquisition Corp. (NYSE: ACAQ.U, ACAQ, ACAQ WS), incorporated in Delaware, is a special purpose acquisition company (“SPAC”) incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. Athena is the second SPAC founded by Isabelle Freidheim, with Jane Park serving as Chief Executive Officer, Jennifer Carr-Smith as President and Angy Smith as Chief Financial Officer. All three Athena SPACs have been comprised entirely of women founders, CEOs, board members and other executives.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target”, “may”, “intend”, “predict”, “should”, “would”, “predict”, “potential”, “seem”, “future”, “outlook” or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Athena’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the risk that approval of Athena’s stockholders for the Extension is not obtained; the level of redemptions made by Athena’s stockholders in connection with the Extension and its impact on the amount of funds available in Athena’s trust account to complete an initial business combination; and those factors discussed in Athena’s Annual Report on Form 10-K filed with the SEC on March 24, 2022, any subsequent Quarterly Report on Form 10-Q filed with the SEC and in the other reports we file with the SEC. Athena does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contact

Claire Kerr
Bevel PR
Athena@bevelpr.com

FAQ

What is the new deadline for Athena Consumer Acquisition Corp. to complete its business combination?

The new deadline is March 22, 2023.

How much money was deposited into Athena's trust account?

$112,691.48 was deposited by the sponsor.

How many extensions can Athena Consumer Acquisition Corp. implement?

Athena can implement up to six one-month extensions.

What risks are associated with the extension announced by Athena?

Risks include stockholder approval and potential redemptions that could reduce available funds.

Who is involved in the management of Athena Consumer Acquisition Corp.?

Isabelle Freidheim founded Athena, with Jane Park as CEO, Jennifer Carr-Smith as President, and Angy Smith as CFO.