Clover Leaf Capital Corp. Announces Termination of Merger Agreement, Cancellation of Special Meeting and its Intention to Liquidate
Clover Leaf Capital Corp. (OTC: CLOE) has announced the termination of its merger agreement with Kustom Entertainment, Inc., effective November 7, 2024. The merger agreement, originally dated June 1, 2023, and amended twice in 2024, has been mutually terminated through a Termination and Release Agreement. As a result, the company has cancelled its special meeting scheduled for November 8, 2024, and withdrawn stockholder proposals from its definitive proxy statement. The Board of Directors has decided to liquidate the company and plans to redeem all outstanding shares of Class A common stock from its initial public offering.
Clover Leaf Capital Corp. (OTC: CLOE) ha annunciato la cessazione del suo accordo di fusione con Kustom Entertainment, Inc., a partire dal 7 novembre 2024. L'accordo di fusione, originariamente datato 1 giugno 2023 e modificato due volte nel 2024, è stato terminato reciprocamente attraverso un Accordo di Cessazione e Liberatoria. Di conseguenza, la società ha cancellato la sua riunione straordinaria programmata per l'8 novembre 2024 e ha ritirato le proposte degli azionisti dalla sua dichiarazione di delega definitiva. Il Consiglio di Amministrazione ha deciso di liquidare la società e prevede di rimandare tutte le azioni in circolazione della Classe A dalla sua offerta pubblica iniziale.
Clover Leaf Capital Corp. (OTC: CLOE) ha anunciado la terminación de su acuerdo de fusión con Kustom Entertainment, Inc., que entra en vigor el 7 de noviembre de 2024. El acuerdo de fusión, que originalmente databa del 1 de junio de 2023 y se modificó en dos ocasiones en 2024, ha sido cancelado mutuamente a través de un Acuerdo de Terminación y Liberación. Como resultado, la compañía ha cancelado su reunión especial programada para el 8 de noviembre de 2024 y ha retirado las propuestas de los accionistas de su declaración de poder definitiva. La Junta Directiva ha decidido liquidar la empresa y planea redimir todas las acciones en circulación de la Clase A de su oferta pública inicial.
Clover Leaf Capital Corp. (OTC: CLOE)가 Kustom Entertainment, Inc.와의 합병 계약 종료를 발표했습니다. 이는 2024년 11월 7일부터 효력이 발생합니다. 원래 2023년 6월 1일자로 체결된 합병 계약은 2024년에 두 번 수정되었으며, 종료 및 해제 계약을 통해 상호 종료되었습니다. 그 결과, 회사는 2024년 11월 8일로 예정된 특별 회의를 취소하고 최종 위임장에서 주주 제안서를 철회했습니다. 이사회는 회사를 청산하기로 결정하고, 최초 공개에서 발행된 모든 A 클래스 보통주를 상환할 계획입니다.
Clover Leaf Capital Corp. (OTC: CLOE) a annoncé la résiliation de son accord de fusion avec Kustom Entertainment, Inc., effectif le 7 novembre 2024. L'accord de fusion, daté initialement du 1er juin 2023 et modifié deux fois en 2024, a été mutuellement annulé par un Accord de Résiliation et de Libération. En conséquence, la société a annulé sa réunion extraordinaire prévue le 8 novembre 2024 et a retiré les propositions des actionnaires de sa déclaration de procuration définitive. Le conseil d'administration a décidé de liquider la société et prévoit de racheter toutes les actions ordinaires de classe A encore en circulation issues de son introduction en bourse initiale.
Clover Leaf Capital Corp. (OTC: CLOE) hat die Beendigung seines Fusionsvertrags mit Kustom Entertainment, Inc. bekannt gegeben, wirksam zum 7. November 2024. Der ursprünglich am 1. Juni 2023 datierte und 2024 zweimal geänderte Fusionsvertrag wurde gegenseitig durch eine Beendigung und Freigabevereinbarung beendet. Infolgedessen hat das Unternehmen seine für den 8. November 2024 geplante außerordentliche Hauptversammlung abgesagt und die Aktionärsanträge aus seiner endgültigen Vollmachtserklärung zurückgezogen. Der Vorstand hat beschlossen, die Gesellschaft zu liquidieren, und plant, alle ausgegebenen Aktien der Klasse A von seiner ersten öffentlichen Angebot zurückzukaufen.
- None.
- Termination of planned merger with Kustom Entertainment
- Company plans to liquidate
- Pending redemption of all outstanding Class A common stock
MIAMI, FL, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Clover Leaf Capital Corp. (OTC: CLOE) (the “Company” or “Clover Leaf”), announced today that Clover Leaf and Kustom Entertainment, Inc. (“Kustom Entertainment”) have mutually agreed to terminate their previously announced Agreement and Plan of Merger (the “Merger Agreement”), effective as of November 7, 2024 by entering into a mutual termination and release agreement (the “Termination and Release Agreement”) among Clover Leaf, CL Merger Sub, Inc., Yntegra Capital Investments LLC, Kustom Entertainment and Digital Ally, Inc.
The Merger Agreement was dated as of June 1, 2023, as amended on June 24, 2024 and on September 3, 2024. The Termination and Release Agreement terminates the Merger Agreement, which will be described in a Current Report on Form 8-K to be filed by Clover Leaf.
In view of the termination of the Merger Agreement, Clover Leaf also announced its decision to cancel its special meeting originally scheduled for November 8, 2024 and the withdrawal from consideration by the stockholders of the Company the proposals set forth in the Company’s definitive proxy statement, as amended, filed with the Securities and Exchange Commission (the “SEC”) on July 31, 2024 (the “Definitive Proxy Statement”).
As a result of the termination of the Merger Agreement, the Company’s Board of Directors has determined to liquidate the Company and expects that it will redeem all of its outstanding shares of Class A common stock sold as part of the units in the Company’s initial public offering. The Company expects to announce additional information on such redemption in the coming days.
Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements.” 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 Annual Report on Form 10-K filed with the Commission and subsequent reports filed with the Commission, as amended from time to time. Copies of these documents are available on the Commission’s website, at 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.
For more information, contact:
Clover Leaf Capital Corp.
Info@cloverlcc.com
FAQ
Why did Clover Leaf Capital Corp (CLOE) terminate its merger with Kustom Entertainment?
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