Altimeter Growth Corp. 2 Announces Liquidation
Altimeter Growth Corp. 2 (AGCB) announced its inability to finalize a business combination within the required time frame, leading to plans for dissolution and liquidation. The company will redeem all Class A common stock shares from its initial public offering at approximately $10.11 per share. This redemption process is expected to be completed by December 21, 2022, with shares deemed canceled upon redemption. The trust account will be liquidated for fund disbursement, while record holders can redeem shares through the transfer agent, with beneficial owners in 'street name' receiving the redemption automatically.
- Shareholders will receive a redemption price of approximately $10.11 per share, which is favorable compared to prevailing market conditions.
- Inability to complete a business combination indicates a failure to execute its initial plan, which may lead to loss of investor confidence.
- Liquidation may result in the loss of future business opportunities and a permanent exit from the market.
NEW YORK, Dec. 1, 2022 /PRNewswire/ -- Altimeter Growth Corp. 2 (NYSE: AGCB) (the "Company") announced the following today:
- The Company anticipates that the Company cannot consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association
- Accordingly, the Company intends to dissolve and liquidate in accordance with the provisions of its Amended and Restated Memorandum and Articles of Association.
- As part of that dissolution and liquidation, the Company will redeem all of the outstanding shares of Class A common stock that were included in its initial public offering (the "Public Shares") at a per-share redemption price of approximately
$10.11 .
As of the close of business on December 21, 2022, the Public Shares will represent the right to receive the redemption amount. Upon redemption such Public Shares will be deemed cancelled.
To provide for fund disbursements from the trust account, the Company has instructed the trust account's trustee to take all necessary actions to liquidate the trust account. The trust account's proceeds will be held in a non-interest bearing account while awaiting disbursement to the holders of the Public Shares.
Record holders may redeem their shares for their pro-rata portion of the trust account's proceeds by delivering their Public Shares to Continental Stock Transfer & Trust Company, the Company's transfer agent. Beneficial owners of Public Shares held in "street name," however, will not need to take any action to receive the redemption amount. The redemption of the Public Shares is expected to be completed on December 21, 2022.
The Company's initial stockholders have waived their redemption rights with respect to its outstanding common stock issued before the Company's initial public offering.
The Company is a blank-check company organized to effect a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities.
This press release 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. Such forward-looking statements are based on the beliefs and reasonable assumptions of management, and 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 SEC. The Company undertakes no obligation to update any forward-looking statements after the date of this release, except as required by law.
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SOURCE Altimeter Growth Corp. 2
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