Berenson Acquisition Corp. I Announces Transfer of the Listing of its Class A Common Stock to NYSE American and Mandatory Unit Separation Effective March 13, 2023

Rhea-AI Summary

Berenson Acquisition Corp. I (NYSE: BACA) announced that it will transfer its Class A common stock listing from the New York Stock Exchange to NYSE American, effective March 13, 2023. The stock will continue to trade under the ticker symbol BACA. Additionally, on the same date, the Company’s units trading as BACA.U will be mandatorily separated, with no action required by unit holders. This separation will result in holders receiving shares of Class A common stock and redeemable warrants. Berenson is a SPAC focusing on the software and technology-enabled services sectors, aiming for a business combination exceeding $1 billion in enterprise value.

Positive

• Transfer to NYSE American may enhance liquidity and visibility.
• Mandatory separation of units simplifies the trading structure.

Negative

• None.

NEW YORK, March 1, 2023 /PRNewswire/ -- Berenson Acquisition Corp. I (NYSE: BACA) (the "Company"), announced today that it will transfer the listing of its Class A common stock from the New York Stock Exchange to NYSE American LLC ("NYSE American"). The Company anticipates its Class A common stock will begin trading on NYSE American on Monday, March 13, 2023 under its current ticker symbol of BACA. The Company's Class A common stock has been approved for listing on NYSE American and will continue to trade under the same ticker symbol on the New York Stock Exchange until the transfer is complete.

The Company further announced today that in connection with the transfer, effective March 13, 2023, the Company's units, which trade under the ticker symbol "BACA.U" will be mandatorily separated and the units will no longer trade on the New York Stock Exchange. The Class A common stock will trade on NYSE American under the symbol "BACA," and the warrants will continue to trade on the over-the-counter market. This is a mandatory and automatic separation, and no action is required by the holders of the units. Each unit consists of one share of Class A common stock and one-half of one redeemable warrant to purchase one share of Class A common stock. In the separation, unit holders will receive shares of Class A common stock and warrants underlying their units.

About Berenson Acquisition Corp. I

Berenson Acquisition Corp. I is a special purpose acquisition company (SPAC) focused on the software and technology-enabled services industry.  The Company intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses in the software or technology-enabled services sectors with a total enterprise value of in excess of $1 billion. For more information, visit http://www.berensonacquisitioncorp.com/.

Cautionary Note Concerning Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as "believes," "expects," "intends," "plans," "estimates," "assumes," "may," "should," "will," "seeks," or other similar expressions. Such statements may include, but are not limited to, statements regarding the Company's plan to transfer the listing of its Class A common stock from the New York Stock Exchange to NYSE American and separation of units. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties that may cause actual results to differ significantly. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.

Contact:
Berenson Acquisition Corp. I
Josh Woodbridge
ir@berensonacquisitioncorp.com
http://www.berensonacquisitioncorp.com/

Media Contact:
Prosek Partners
Forrest Gitlin
FGitlin@prosek.com

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SOURCE Berenson Acquisition Corp.

FAQ

What is the significance of Berenson Acquisition Corp.'s transfer to NYSE American?

The transfer to NYSE American is intended to enhance liquidity and visibility for Berenson Acquisition Corp.'s Class A common stock.

When will Berenson Acquisition Corp.'s Class A common stock start trading on NYSE American?

Berenson Acquisition Corp.'s Class A common stock is expected to begin trading on NYSE American on March 13, 2023.

What happens to Berenson Acquisition Corp.'s units after the transfer?

Effective March 13, 2023, the units designated as BACA.U will be separated and no longer trade on the New York Stock Exchange, with unit holders receiving shares of Class A common stock and redeemable warrants.

What is the focus of Berenson Acquisition Corp. as a SPAC?

Berenson Acquisition Corp. focuses on seeking a merger or acquisition in the software and technology-enabled services sectors with an enterprise value exceeding $1 billion.