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Avanti Acquisition Corp. (NYSE: AVAN) announced the redemption of all outstanding Class A ordinary shares effective October 20, 2022, after failing to complete an initial business combination by the deadline. Shareholders will receive a redemption price of approximately $10.06 per share, net of taxes and expenses. Trading of Class A Shares will cease on October 6, 2022, and the shares will be cancelled thereafter. Additionally, the company plans to delist from the New York Stock Exchange. This marks the conclusion of operations as it prepares for liquidation.
Avanti Acquisition Corp. (NYSE: AVAN) has received a formal notice from the NYSE for non-compliance due to the failure to file its Quarterly Report on Form 10-Q for Q1 2021. This delay follows the SEC's updated guidance impacting SPACs' warrant accounting, prompting many firms to reassess their financial reports. Avanti believes this won't affect its acquisition strategy or financial performance and expects to file the required report soon, remaining compliant with other listing standards. The company has a six-month window to rectify this non-compliance.
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