Welcome to our dedicated page for ALSP Orchid Acquisition Corporation I news (Ticker: ALOR), a resource for investors and traders seeking the latest updates and insights on ALSP Orchid Acquisition Corporation I stock.
ALSP Orchid Acquisition Corporation I (symbol: ALOR) is a special purpose acquisition company (SPAC) listed on the Nasdaq exchange. The company was established with the objective of executing a business combination within a specified time frame. Unfortunately, as per the announcements made recently, ALSP Orchid will not be consummating an initial business combination within this period. As a result, the company will redeem all its outstanding Class A ordinary shares effective as of the close of business on November 14, 2023, or as soon as possible thereafter.
The company's operations will cease, and the redemption process will involve paying the shareholders approximately $10.86 per share, calculated based on the trust account balance as of October 31, 2023. The total balance includes interest and dividend income, amounting to roughly $21,784,327.
ALSP Orchid was initially formed to explore and execute potential mergers, acquisitions, or similar business combinations. The company's sponsor, ALSP Orchid Sponsor LLC, played a crucial role in this endeavor, including waiving their redemption rights for certain shares. However, as the deadline approaches, the company will wind up its operations and proceed with liquidation processes.
Post-redemption, ALSP Orchid plans to file a Form 25 to delist its securities from the Nasdaq exchange and subsequently a Form 15 to terminate the registration of its securities. The company ensures that its dissolution processes comply with the Cayman Islands law and other applicable regulations, safeguarding the interests of creditors.
For further details, shareholders and interested parties can refer to the official announcements or contact Jessica Burback, Director of Investor Relations, at IR@acceleratorlsp.com.
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