Cascade Acquisition Corp. Provides Update on its Intended Liquidation and Redemption of Class A Common Stock

Rhea-AI Summary

Cascade Acquisition Corp. (NYSE: CAS) has announced the liquidation of its outstanding shares of Class A common stock, with an effective redemption date of June 8, 2022. Shareholders can expect a redemption price of approximately $10.10 per share after taxes and dissolution expenses. The Class A Shares will cease trading on the same day, and holders will need to present their share certificates to receive the redemption amount, while those holding shares in 'street name' will not need to take action. The company plans to file for delisting with the NYSE.

Positive

• Shareholders will receive a redemption price of approximately $10.10 per share.
• The planned liquidation allows for a clear exit for investors.

Negative

• The company is ceasing operations, which may lead to loss of investor confidence.
• No redemption rights or distributions for Class B common stock and warrants may negatively impact certain stakeholders.

New York, NY, May 23, 2022 (GLOBE NEWSWIRE) -- Cascade Acquisition Corp. (NYSE: CAS) (the “Company”) today announced that, further to the prior announcement of its determination to liquidate, the effective date for the Company’s redemption of all of its outstanding shares of Class A common stock (the “Class A Shares”), will be June 8, 2022.

Net of taxes and dissolution expenses, the per-share redemption price for the public shares is expected to be approximately $10.10 (the “Redemption Amount”).

The Company anticipates that the Class A Shares will cease trading as of the open of business on June 8, 2022. As of June 8, 2022, the Class A Shares will be deemed cancelled and will represent only the right to receive the Redemption Amount.

The Redemption Amount will be payable to the holders of the Class A Shares upon presentation of their respective share or unit certificates or other delivery of their shares or units to the Company’s transfer agent, Continental Stock Transfer & Trust Company. Beneficial owners of Class A Shares held in “street name,” however, will not need to take any action in order to receive the Redemption Amount.

There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will also cease trading as of the open of business on June 8, 2022. The Company’s initial stockholders have waived their redemption rights with respect to the outstanding shares of Class B common stock issued prior to the Company’s initial public offering.

The Company expects that The New York Stock Exchange will file a Form 25 with the U.S. Securities and Exchange Commission to delist its securities.

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.

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 the effective date for the redemption of Cascade Acquisition Corp.'s shares?

The effective date for the redemption is June 8, 2022.

What is the redemption price for Class A common stock for CAS.U, CAS, and CAS.WS?

The redemption price is expected to be approximately $10.10 per share.

Will Cascade Acquisition Corp. continue trading after June 8, 2022?

No, the Class A Shares will cease trading as of June 8, 2022.

What action do shareholders need to take to receive their redemption amount?

Shareholders must present their share or unit certificates to the Company's transfer agent.

What will happen to the warrants after the liquidation announcement?

The warrants will cease trading as of June 8, 2022, and will have no redemption rights.