Class Acceleration Corp. Files Proxy to Extend the Date to Consummate a Business Combination

Rhea-AI Summary

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.

Positive

• The company is actively pursuing immediate opportunities for a business combination.
• Requesting an extension may result in successful completion of a business deal, benefiting shareholders.

Negative

• The need for an extension may indicate challenges in finalizing a business combination by the initial deadline.
• Volatility in capital markets could pose risks to securing a favorable business deal.

Class Acceleration Corp.’s Board of Directors Asks Shareholders to Vote in Favor of the Extension Request as a result of Immediate Opportunities Underway

WOODSIDE, Calif., Dec. 15, 2022 (GLOBE NEWSWIRE) -- Class Acceleration Corp. (NYSE: CLAS, CLAS.U, CLAS.W) (the “Company”) today announced that it filed a Proxy Statement with the Securities and Exchange Commission (the "SEC") on December 6, 2022 with several proposals, including a request to extend the date by which the Company would be required to consummate a business combination from January 20, 2023 to June 20, 2023. Class Acceleration Corp.’s Board of Directors asks shareholders to vote FOR proposal 1 prior to the Company’s 2022 meeting of stockholders on December 20, 2022.

Michael Moe, Class Acceleration Corp.’s Chief Executive Officer stated, “There are immediate and actionable opportunities in progress that will allow Class to complete a business combination. Given the time of the year and volatility in the capital markets, additional time is required to complete a business combination, and we are asking shareholders to vote for proposal 1. We are pursuing an extension because of actions underway that we believe are in the best interest of our shareholders.”

Only shareholders of record on November 21, 2022, are entitled to and are being requested to vote. Shareholders who have not already voted or wish to change their vote are encouraged to do so promptly by executing a new proxy, revoking a previously given proxy, or attending and voting at the meeting, as set forth in the proxy statement and prospectus the Company filed with the Securities and Exchange Commission (the “SEC”) on December 6, 2022 (the “Proxy Statement”).

If you have any questions about the Annual Meeting or need assistance voting your shares, please contact Continental Stock Transfer & Trust Company, by calling (917) 262-2373 or by email to proxy@continentalstock.com.

Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the anticipated use of the net proceeds. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. 

The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contacts:
Caroline Moe Hoch
Class Acceleration Corp.
650-380-9550
cmoehoch@gsv.com

Andrew M. Berger
SM Berger & Company
216-464-6400
andrew@smberger.com

FAQ

What is the purpose of Class Acceleration Corp.'s Proxy Statement filed on December 6, 2022?

The Proxy Statement requests shareholders to approve an extension for the business combination deadline.

What new deadline is Class Acceleration Corp. proposing for a business combination?

The new proposed deadline is June 20, 2023.

When is the meeting for Class Acceleration Corp. shareholders to vote on the extension proposal?

The meeting is scheduled for December 20, 2022.

Who can vote on Class Acceleration Corp.'s proposals?

Only shareholders of record as of November 21, 2022, are entitled to vote.

What are the stock symbols for Class Acceleration Corp.?

The stock symbols are CLAS, CLAS-UN, and CLAS-W.