Agile Growth Corp. Announces Redemption Price of its Publicly Held Class A Ordinary Shares

Rhea-AI Summary

Agile Growth Corp. (Nasdaq: AGGR) announced the upcoming redemption of its publicly held Class A ordinary shares, set to occur on March 13, 2023. The expected redemption price is approximately $10.206 per share, net of taxes and expenses. Shareholders must deliver their shares to the transfer agent, Continental Stock Transfer & Trust Company, to receive this amount. Notably, there will be no redemption rights for warrants, and the initial stockholders have waived their rights regarding Class B shares. Following March 12, 2023, the company will halt operations to wind down its business and plans to file for delisting from Nasdaq.

Positive

• Redemption of Class A shares at approximately $10.206 increases shareholder liquidity.
• No redemption rights for warrants may preserve value for shareholders.

Negative

• Company plans to delist from Nasdaq, which may reduce visibility and investor interest.
• Closure of operations after March 12, 2023, indicates the company is winding down its business.

NEW YORK--(BUSINESS WIRE)-- Agile Growth Corp. (the “Company”) (Nasdaq: AGGR), a special purpose acquisition company, today announced it that expects the redemption of its publicly held Class A ordinary shares, par value $0.0001 per share (the “Public Shares”), to occur on March 13, 2023. Net of taxes and dissolution expenses, the per-share redemption price for the Public Shares is expected to be approximately $10.206 (the “Redemption Amount”).

The Redemption Amount will be payable to the holders of the Public Shares upon delivery of their shares to the Company’s transfer agent, Continental Stock Transfer & Trust Company. Beneficial owners of Public Shares held in “street name,” however, 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. The Company’s initial stockholders have waived their redemption rights with respect to the outstanding Class B ordinary shares, par value $0.0001, issued prior to the Company’s initial public offering. After March 12, 2023, the Company will cease all operations except for those required to wind up the Company’s business.

The Company expects that Nasdaq will file a Form 25 with the U.S. Securities and Exchange Commission (the “Commission”) in order to delist the Company’s securities. The Company thereafter expects to file a Form 15 with the Commission to terminate the registration of the Company’s securities under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. All 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 “may,” “should,” “could,” “would,” “anticipate,” “seek,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to the Company or its management team, identify forward-looking statements. Such statements include, but are not limited to, statements regarding the Redemption Amount or the timing when the Company’s Public Shares will be redeemed. Such statements are based on the beliefs of, 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. The Company undertakes no obligation to update these statements after the date of this press release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230309005801/en/

Sally Baraka, sbaraka@agilegrowthcorp.com

Source: Agile Growth Corp.

FAQ

When will Agile Growth Corp. redeem its Class A ordinary shares?

Agile Growth Corp. will redeem its Class A ordinary shares on March 13, 2023.

What is the expected redemption price for Agile Growth Corp.'s shares?

The expected redemption price for the shares is approximately $10.206 per share.

Will there be any redemption rights for warrants issued by Agile Growth Corp.?

No, there will be no redemption rights or liquidating distributions for the company’s warrants.

What actions will Agile Growth Corp. take after March 12, 2023?

After March 12, 2023, Agile Growth Corp. will cease all operations except those needed to wind up the business.

Is Agile Growth Corp. planning to delist its securities?

Yes, Agile Growth Corp. plans to file a Form 25 to delist its securities from Nasdaq.