Avalon Acquisition Inc. Announces the Separate Trading of its Class A Common Stock and Warrants, Commencing December 3, 2021

Rhea-AI Summary

Avalon Acquisition Inc. (NASDAQ GM: AVACU) announced that starting December 3, 2021, unit holders from its IPO can trade shares of Class A common stock and warrants separately. The individual components will trade under the symbols 'AVAC' for the shares and 'AVACW' for the warrants, while units not separated will continue under 'AVACU'. This follows the effectiveness of a registration statement by the SEC. The press release emphasizes that there is no offer to buy or sell units in jurisdictions where such actions would be illegal.

Positive

• Separation of shares and warrants allows for greater trading flexibility for unit holders.
• Effective registration statement by SEC indicates compliance with regulatory requirements.

Negative

• None.

SAN FRANCISCO, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Avalon Acquisition Inc. (NASDAQ GM: AVACU) (the “Company”) announced today that, commencing December 3, 2021, holders of the units sold in the Company's initial public offering may elect to separately trade shares of the Company's Class A common stock and warrants included in the units. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The shares of Class A common stock and warrants that are separated will trade on the Nasdaq Global Market under the symbols "AVAC" and "AVACW," respectively. Those units not separated will continue to trade on the Nasdaq Global Market under the symbol "AVACU." Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company's transfer agent, in order to separate the units into Class A ordinary shares and warrants.

A registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”). This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the units and the underlying securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Maxim Group LLC acted as sole book-running manager of the offering.

The initial public offering was made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, New York 10022, at (212) 895-3500, or by visiting EDGAR on the SEC’s website at www.sec.gov.

About Avalon Acquisition Inc.

Avalon Acquisition is a newly incorporated blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Although the Company may pursue targets in any industry, it intends to initially focus its search on identifying a prospective target business within the financial services and financial technology industries. The Company also intends to initially focus on prospective target businesses that have unseen potential for revenue growth and/or operating margin expansion with high recurring revenue and cash flow, defensible intellectual property and strong market positions. The Company is led by Executive Chairman Donald Putnam, the founder of Grail Partners and Putnam Lovell Securities, and CEO Craig Cognetti, who leads the principal investing practice at Grail Partners.

Forward Looking-Statements

This press release may contain statements that constitute "forward-looking statements," including with respect to the Company's search for and completion of an initial business combination. 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 for its initial public offering filed with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website at www.sec.gov. 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:

Avalon Acquisition Inc.
(415) 423-0010
rhsu@avalonspac.com

FAQ

What is the significance of Avalon Acquisition Inc. starting to separate its units for trading?

This allows holders to trade Class A common stock and warrants individually, potentially increasing liquidity.

When can holders of Avalon Acquisition Inc. units start trading their shares and warrants separately?

Holders can start separating their units for trading on December 3, 2021.

Under what symbols will Avalon Acquisition Inc.’s separated shares and warrants trade?

Class A common stock will trade under the symbol 'AVAC' and warrants under 'AVACW'.

Who acted as the sole book-running manager for Avalon Acquisition Inc.’s initial public offering?

Maxim Group LLC served as the sole book-running manager for the offering.

What is Avalon Acquisition Inc.'s business focus?

The company seeks to identify a target business primarily in the financial services and financial technology sectors.