Ackrell SPAC Partners I Co. Announces Increase in Deposit to Trust Account for Each Monthly Extension of Time to Complete Business Combination in Connection With Special Meeting of Stockholders to Vote Upon Extension

Rhea-AI Summary

Ackrell SPAC Partners I Co. (NASDAQ: ACKIU) announced a special meeting on June 21, 2022, to vote on extending the deadline for its initial business combination from June 23, 2022, to September 23, 2022. The extension requires the Sponsor to deposit an amount equal to the lesser of $0.043 per share or $200,000 into the trust account. Shareholders can redeem their public shares until June 16, 2022, at 5:00 p.m. ET. Ackrell is focused on identifying businesses, particularly in the fast-moving consumer goods sector.

Positive

• Extension of the deadline for initial business combination could allow for more strategic acquisitions.
• Focus on the fast-moving consumer goods industry, which may present lucrative opportunities.

Negative

• Requirement for the Sponsor to deposit funds for extensions raises concerns about financial stability.
• Imminent deadline for redemption may indicate shareholder uncertainty.

New York, NY, June 14, 2022 (GLOBE NEWSWIRE) -- Ackrell SPAC Partners I Co. (NASDAQ: ACKIU) (“Ackrell” or the “Company”), a special purpose acquisition company, today issued a press release in which it announced that in connection with its special meeting of stockholders to be held on June 21, 2022 for stockholders to consider and vote on a proposal to extend the time the Company has to consummate an initial business combination at the request of the Sponsor on a monthly basis from June 23, 2022 to September 23, 2022, subject to the approval of the Board of Directors of the Company, the Sponsor or its designees will be required to deposit into the trust account for each extension an amount equal to the lesser of $0.043 per share and $200,000.  Holders of shares of common stock underlying the subunits issued in the Company’s initial public offering will have until 5:00 p.m. Eastern Time on Thursday, June 16, 2022 to request the redemption of their public shares into their pro rata portion of the funds held in the trust account.

About Ackrell SPAC Partners I Co.

Ackrell is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition in any business industry or sector, it intends to concentrate its efforts on identifying businesses in the branded fast-moving consumer goods industry. The Company is led by Chairman Michael Ackrell, Vice Chairman Shannon Soqui, Chief Executive Officer Jason M. Roth, Chief Operating Officer & President Stephen N. Cannon, and Chief Financial Officer Long Long.

Cautionary Note Regarding Forward-Looking Statements

This press release may include, and oral statements made 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 regarding possible business combinations and the financing thereof, and related matters, as well as all other 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,” “might,” “plan,” “possible,” “potential,” “predict,” “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 the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed 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 numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s initial public offering and other reports 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.

Investor Contact:

Ackrell SPAC Partners I Co.
(650) 560-4753
Info@ackrellspac.com

FAQ

What is the purpose of Ackrell SPAC's special meeting on June 21, 2022?

The meeting aims to vote on extending the deadline for Ackrell's initial business combination.

What are the implications of the extension for Ackrell shareholders?

The extension allows for more time to identify suitable acquisition targets but requires financial deposits from the Sponsor.

When is the deadline for shareholders to redeem their public shares?

Shareholders can redeem their shares until June 16, 2022, at 5:00 p.m. ET.

How much must the Sponsor deposit for each extension of Ackrell's business combination?

The Sponsor must deposit the lesser of $0.043 per share or $200,000 for each extension.

What industries is Ackrell SPAC targeting for acquisitions?

Ackrell intends to focus on the branded fast-moving consumer goods industry for potential acquisitions.