Acropolis Infrastructure Acquisition Corp. Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination

Rhea-AI Summary

Acropolis Infrastructure Acquisition Corp. (NYSE: ACRO) announced the liquidation and dissolution of the Company in accordance with its amended certificate of incorporation. All outstanding shares of Class A common stock will be redeemed, effective December 19, 2023, at a per-share price of approximately $10.49. The company will cease operations and delist from NYSE, with public shares deemed cancelled. The Company's sponsor has waived redemption rights, and warrants will expire worthless.

Positive

• None.

Negative

• The Company's securities will be delisted from NYSE, and its registration under the Securities Exchange Act of 1934 will be terminated, signaling the end of its public trading. The liquidation and dissolution process indicates a lack of successful business combination, leading to the redemption of public shares at a per-share price, which may not fully satisfy shareholders' initial investment.

NEW YORK, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Acropolis Infrastructure Acquisition Corp. (NYSE: ACRO) (the “Company”), a publicly-traded special purpose acquisition company, today announced that it will liquidate and dissolve the Company in accordance with the provisions of the Company’s amended and restated certificate of incorporation, as amended (the “Certificate of Incorporation”). Accordingly, the Company will redeem all outstanding shares of Class A common stock, par value $0.0001 (the “public shares”), effective as of December 19, 2023.

As stated in the Certificate of Incorporation, if the Company is unable to complete an initial business combination by July 13, 2024, or such earlier date as determined by the Company’s board of directors (the “Board”) in its sole and absolute discretion, the Company will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter subject to lawfully available funds therefor, redeem 100% of the public shares in consideration of a per-share price, payable in cash, equal to the quotient obtained by dividing (A) the aggregate amount then on deposit in the trust account including interest not previously released to the Company to pay its taxes (less up to $100,000 of such net interest to pay dissolution expenses), by (B) the total number of then outstanding public shares, which redemption will completely extinguish rights of the holders of the public shares (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Board in accordance with applicable law, dissolve and liquidate, subject in each case to the Company’s obligations under the General Corporation Law of the State of Delaware, as amended from time to time, to provide for claims of creditors and other requirements of applicable law.

The per share redemption price for the public shares will be approximately $10.49, less amounts required to pay the Company’s tax obligations (the “Redemption Amount”). The balance of the trust account as of December 4, 2023 was approximately $84,040,779.58, which includes approximately $4,032,789.58 in interest income. In accordance with the terms of the related trust agreement, the Company expects to retain up to $100,000 of the interest income from the trust account to pay dissolution expenses and amounts required to pay the Company’s tax obligations. Prior to the withdrawal of amounts required to pay the Company’s tax obligations, there is expected to be a total of approximately $83,940,779.58 available for redemption of the 8,000,799 public shares outstanding.

The last day that the Company’s securities will trade on the New York Stock Exchange (“NYSE”) will be December 18, 2023. As of December 19, 2023, the public shares will be deemed cancelled and will represent only the right to receive the Redemption Amount.

Beneficial owners of public shares held in “street name” will not need to take any action in order to receive the Redemption Amount.

There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.

The Company’s sponsor has waived its redemption rights with respect to the outstanding founder shares and the shares underlying the private placement warrants. After December 19, 2023, the Company shall cease all operations except for those required to wind up the Company’s business.

The Company expects that NYSE will file a Form 25 with the United States Securities and Exchange Commission (the “Commission”) to delist its securities. The Company thereafter 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.

About Acropolis Infrastructure Acquisition Corp.

The Company is a special purpose acquisition company formed for the purpose of effecting a merger, consolidation, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. It was formed to pursue an initial business combination target in infrastructure, infrastructure services or a related sector.

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 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 the Company or its 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 Commission. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on its 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 Annual Report on Form 10-K/A for the fiscal year ended December 31, 2022, filed with the Commission on April 5, 2023. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contacts

Acropolis Infrastructure Acquisition Corp.

For investors please contact:
info@acropolisinfrastructure.com

For media inquiries please contact:
communications@apollo.com

FAQ

What is the per-share redemption price for Acropolis Infrastructure Acquisition Corp. (NYSE: ACRO) public shares?

The per-share redemption price for the public shares will be approximately $10.49.

What will happen to Acropolis Infrastructure Acquisition Corp. (NYSE: ACRO) public shares after December 19, 2023?

After December 19, 2023, the public shares will be deemed cancelled and will represent only the right to receive the Redemption Amount.

Will Acropolis Infrastructure Acquisition Corp. (NYSE: ACRO) cease all operations?

The Company shall cease all operations except for those required to wind up the Company’s business.

What will happen to Acropolis Infrastructure Acquisition Corp. (NYSE: ACRO) warrants?

There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.

What will happen to Acropolis Infrastructure Acquisition Corp. (NYSE: ACRO) securities on NYSE?

The Company expects that NYSE will file a Form 25 with the United States Securities and Exchange Commission (the “Commission”) to delist its securities. The Company thereafter 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.