Cascade Acquisition Corp. Announces Liquidation

Rhea-AI Summary

Cascade Acquisition Corp. (NYSE: CAS) announced plans to dissolve and liquidate due to its inability to complete a business combination within the required timeframe. The company will redeem its Class A common stock at approximately $10.10 per share, with cancellations effective from May 24, 2022. The trust account will be liquidated to disburse funds to shareholders. Initial stockholders waived their redemption rights regarding common stock issued prior to the IPO. Warrant holders will not receive any liquidation proceeds.

Positive

• Shares to be redeemed at approximately $10.10, potentially providing investors recovery.
• Liquidation process is moving forward with clear instructions for shareholders.

Negative

• Inability to consummate initial business combination indicates potential operational challenges.
• Investors holding warrants will receive no value as they will expire worthless.

New York, NY, May 18, 2022 (GLOBE NEWSWIRE) -- Cascade Acquisition Corp. (NYSE: CAS) (the “Company”) announced today that, due to its anticipated inability to consummate an initial business combination within the time period required by its Amended and Restated Certificate of Incorporation, the Company intends to dissolve and liquidate in accordance with the provisions of its Amended and Restated Certificate of Incorporation and will redeem all of the outstanding shares of Class A common stock that were included in the units issued in its initial public offering (the “Public Shares”), at a per-share redemption price of approximately $10.10.
  
As of the close of business on May 24, 2022, the Public Shares will be deemed cancelled and will represent only the right to receive the redemption amount.

In order to provide for the disbursement of funds from the trust account, the Company has instructed the trustee of the trust account to take all necessary actions to liquidate the trust account. The proceeds of the trust account will be held in a non-interest bearing account while awaiting disbursement to the holders of the Public Shares. Record holders may redeem their shares for their pro rata portion of the proceeds of the trust account by delivering their Public Shares to Continental Stock Transfer & Trust Company, the Company’s transfer agent. Beneficial owners of Public Shares held in “street name,” however, will not need to take any action in order to receive the redemption amount. The redemption of the Public Shares is expected to be completed within ten business days after May 24, 2022.

The Company’s initial stockholders have waived their redemption rights with respect to its outstanding common stock issued prior to the Company’s initial public offering.

There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.

About Cascade Acquisition Corp.

The Company is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. It intends to focus on businesses primarily operating in the financial services industry.

Forward-Looking Statements

This press release 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. Such forward-looking statements are based on the beliefs and reasonable assumptions of management, and 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 SEC. The Company undertakes no obligation to update any forward-looking statements after the date of this release, except as required by law.

Contact:

Jay Levine, Chief Executive Officer
Cascade Acquisition Corp.
1900 Sunset Harbour Dr.
Suite 2102
Miami Beach, Florida 33139
(203) 856-3033

FAQ

What is Cascade Acquisition Corp.'s plan for dissolution and liquidation?

Cascade Acquisition Corp. plans to dissolve and liquidate due to its inability to complete a business combination, with shares being redeemed at approximately $10.10.

When will the redemption of shares occur for CAS, CAS.U, and CAS.WS?

The redemption of shares is expected to be completed within ten business days after May 24, 2022.

What happens to warrants held by shareholders after the liquidation of CAS?

Holders of warrants will not receive any liquidating distributions as the warrants will expire worthless.

How can investors redeem their shares in Cascade Acquisition Corp?

Investors can redeem their shares by delivering their Public Shares to the transfer agent, Continental Stock Transfer & Trust Company.

What was the reason for Cascade Acquisition Corp.'s decision to liquidate?

The decision to liquidate was due to the anticipated inability to consummate an initial business combination within the required timeframe.