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

Rhea-AI Summary

Athena Consumer Acquisition Corp. (NYSE: ACAQ.U, ACAQ, ACAQ WS) announced an extension of its initial business combination deadline from March 22, 2023, to April 22, 2023. The extension is the third of six possible one-month extensions available to Athena under its charter. The sponsor, Athena Consumer Acquisition Sponsor LLC, contributed $112,691.48 to the trust account to facilitate this extension. This move aims to provide additional time for Athena to complete a merger or similar business combination, as previously extended deadlines were set in January and February.

Positive

• Extension grants additional time for Athena to secure a business combination.
• Successful deposit of $112,691.48 by the sponsor indicates ongoing financial support.

Negative

• Frequent extensions may signal challenges in securing a suitable acquisition target.
• Dependence on external funding raises concerns about financial management.

New York, NY, March 22, 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 March 22, 2023 for an additional month, to April 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 third 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, and in February 2023, the Board had implemented a second Extension and had further extended the Deadline Date to March 22, 2023. On March 20, 2023, pursuant to the Charter, the Board determined to implement a third Extension to allow additional time for Athena to complete its initial business combination. On the same day, in connection with the third Extension and pursuant to an unsecured promissory note Athena and the sponsor of Athena, Athena Consumer Acquisition Sponsor LLC (the “Sponsor”), entered into on January 17, 2023, the Board delivered to the Sponsor a written request to draw down $112,691.48 for the third month of the Extension. On March 21, 2023, 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.'s business combination?

The new deadline is April 22, 2023.

How much did the sponsor deposit for the extension?

The sponsor deposited $112,691.48 into Athena's trust account.

How many extensions can Athena Consumer Acquisition Corp. implement?

Athena can implement up to six one-month extensions.

Why is Athena Consumer Acquisition Corp. extending its deadline?

The extension provides additional time to secure a business combination.

What does the extension indicate about Athena's acquisition process?

The extension may suggest challenges in finding a suitable acquisition target.