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Atlantic Avenue Acquisition Corp (NYSE: ASAQ.U, ASAQ, ASAQ WS) has canceled its special stockholders' meeting initially set for October 4, 2022. Due to the failure to complete a business combination within the required timeframe, the Company will dissolve and liquidate effective October 6, 2022, redeeming all outstanding Class A shares at approximately $10.03 each. The trust account's assets will be liquidated for shareholder disbursement, while Class B shares' redemption rights are waived. The Company will also delist its securities from the NYSE.
Atlantic Avenue Acquisition Corp (NYSE: ASAQ.U) plans to adjourn its special stockholder meeting originally scheduled for September 29, 2022, to discuss extending the time to complete a business combination. The meeting will now reconvene on October 4, 2022. Shareholders can redeem their Class A common stock for a pro rata share of the trust account funds until September 30, 2022. The announcement highlights the company's ongoing efforts to secure a merger or similar business combination while providing flexibility for stockholders.
Atlantic Avenue Acquisition Corp (NYSE: ASAQ) has announced plans to extend the deadline for completing a business combination to April 6, 2023, from October 6, 2022. Stockholders will vote on this proposal during a special meeting on September 29, 2022. If approved, the Sponsor will contribute up to $150,000 monthly to support the trust account for each extension. The funds are repayable upon successful business combination but may be forgiven if the deal doesn't materialize. This move indicates the company's commitment to pursuing strategic opportunities moving forward.
Atlantic Avenue Acquisition Corp (NYSE: ASAQ) received a notice from NYSE Regulation on May 25, 2021, indicating non-compliance due to the late filing of its Quarterly Report on Form 10-Q for the quarter ending March 31, 2021. The NYSE has granted the company a six-month grace period to file the report. The delay stems from a reevaluation of the accounting treatment for warrants following an SEC statement issued on April 12, 2021. If the company fails to comply within the grace period, it may face suspension or delisting.
