Americas Technology Acquisition Corp. Confirms Funding to Extend Period to Consummate Initial Business Combination

Rhea-AI Summary

Americas Technology Acquisition Corp. (ATA-UN) announced a $1,150,000 Extension Payment, allowing a three-month extension for its initial business combination deadline from December 17, 2021, to March 17, 2022. This payment, equating to $0.10 per share for public shareholders, was loaned by ATAC Limited Partnership, the Company's Sponsor. The loan can be converted into warrants at the Sponsor's discretion. This extension marks the first of potentially two allowed extensions under the Company's governing documents.

Positive

• Extension of time for initial business combination may provide more opportunities for strategic acquisition.
• The ability to convert the loan into warrants could potentially enhance shareholder value.

Negative

• Dependency on sponsors for financing may indicate challenges in securing independent funding.
• Three-month extension suggests potential delays in finding a suitable acquisition target.

Dallas, TX, Dec. 15, 2021 (GLOBE NEWSWIRE) -- Americas Technology Acquisition Corp. (NYSE: ATA.U) (the “Company”), announced today that an aggregate of $1,150,000 (the “Extension Payment”) has been deposited into the Company’s trust account for its public shareholders, representing $0.10 per public share, which enables the Company to extend the period of time it has to consummate its initial business combination by three months from December 17, 2021 to March 17, 2022 (the “Extension”). The Extension is the first of up to two three-month extensions permitted under the Company’s governing documents.

ATAC Limited Partnership, a Delaware limited partnership (the “Sponsor”), loaned the Extension Payment to the Company, which loan is  convertible, at the Sponsor’s discretion, into warrants identical to the warrants issued in the Company’s private placement that was consummated in connection with the Company’s initial public offering.

About Americas Technology Acquisition Corp.

Americas Technology Acquisition Corp. is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition, or other similar business combination with one or more businesses or entities with an initial focus on technology, media, and telecommunications verticals.

Cautionary Note Regarding 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 regarding possible business combinations and the financing thereof, and related matters, as well as all other 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 us or our 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 Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our 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 registration statement and prospectus for the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

Jorge Marcos
Chief Executive Officer
Americas Technology Acquisition Corp.
(303) 885-8688

FAQ

What is the purpose of the $1,150,000 Extension Payment by ATA-UN?

The Extension Payment allows ATA-UN to extend its deadline for a business combination to March 17, 2022.

Who provided the funds for the Extension Payment to ATA-UN?

ATAC Limited Partnership, the Sponsor, loaned the $1,150,000 for the extension.

What impact does the extension have on ATA-UN's shareholders?

The extension provides shareholders additional time for potential acquisition, represented by a $0.10 per share contribution.

How many extensions can ATA-UN take for its business combination?

ATA-UN is permitted up to two three-month extensions under its governing documents.