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On December 20, 2022, stockholders of Class Acceleration Corp. approved amendments to extend the deadline for a business combination from January 20, 2023, to June 20, 2023. Following the meeting, the Board decided to liquidate the Company before December 31, 2022, and has informed the NYSE about the redemption of 100% of its Class A common stock. Trading will cease on December 29, 2022, with expected cash redemption for shareholders. Holders of Redeemable Warrants will not receive any redemption rights. The final redemption amount will be disclosed in a forthcoming SEC filing.
Class Acceleration Corp. (NYSE: CLAS, CLAS.U, CLAS.W) filed a Proxy Statement with the SEC on December 6, 2022, requesting shareholders to extend the deadline for business combination from January 20, 2023 to June 20, 2023. The Board of Directors emphasized the importance of this extension, citing immediate opportunities for a successful business combination as the reason. Shareholders of record as of November 21, 2022 are encouraged to vote before the meeting on December 20, 2022. Michael Moe, CEO, stressed the need for additional time due to market volatility.
Class Acceleration Corp. (NYSE: CLAS, CLAS.U, CLAS.W) has received a notice from the NYSE for failing to timely file its Q3 2021 Form 10-Q. This non-compliance is related to an error identified in previous financial statements regarding the valuation of its Class A common stock. Although this notice has no immediate impact on the stock's listing, the Company has until May 22, 2022, to regain compliance by filing the report. Management is working diligently to finalize the Q3 2021 Form 10-Q and anticipates filing it shortly after the due date.
Class Acceleration Corp. (NYSE: CLAS, CLAS.U, CLAS.W) announced it is not in compliance with NYSE rules due to the failure to timely file its Q1 2021 Form 10-Q. The NYSE has provided a grace period until November 24, 2021, for the Company to regain compliance by filing the overdue report. The delay is attributed to the recent SEC guidance impacting the accounting for warrants issued by SPACs, which has prompted a reassessment of financial statements. The Company is actively working on completing and filing its Q1 2021 report before the deadline.
Class Acceleration Corp. (NYSE: CLAS.U) announced that starting March 8, 2021, unit holders from its IPO can trade shares of Class A common stock and warrants separately. The Class A common stock and warrants will trade under the symbols 'CLAS' and 'CLAS WS,' respectively, while undivided units will continue to trade as 'CLAS.U.' This move follows the effectiveness of a registration statement on January 14, 2021. Class Acceleration Corp. aims to pursue business combinations primarily in the education technology sector.
Class Acceleration Corp. closed its IPO on January 20, 2021, raising $258.75 million through 25,875,000 units priced at $10.00 each. This includes 3,375,000 units from the underwriters' over-allotment option. The company's units started trading on the NYSE under the ticker CLAS.U. Each unit comprises one share of Class A common stock and half a warrant, with the latter allowing the purchase of another share at $11.50. The firm plans to focus on mergers in the education technology sector.
Class Acceleration Corp. has announced its initial public offering (IPO) of 22,500,000 units, priced at $10.00 each, effective January 15, 2021. Each unit includes one share of Class A common stock and one-half of one redeemable warrant, with each whole warrant allowing the purchase of an additional share at $11.50. The offerings will be traded on NYSE under the symbols CLAS.U, CLAS, and CLAS WS. The company plans to focus on the education technology sector for future business combinations. Oppenheimer & Co. Inc. is the sole book-running manager for this offering.
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