Welcome to our dedicated page for Accretion Acquisition news (Ticker: ENER), a resource for investors and traders seeking the latest updates and insights on Accretion Acquisition stock.
Accretion Acquisition Corp. (NASDAQ: ENER) stands as a blank check company, meticulously organized with the sole objective of executing a business combination. This could involve a merger, share exchange, asset acquisition, stock purchase, recapitalization, or any similar business amalgamation with one or more entities across various industries and regions.
The company's latest directive came on December 18, 2023, when the board of directors decided against extending its corporate existence. As stated in the company's definitive proxy statement filed with the SEC, the board opted to cancel the annual stockholders' meeting scheduled for December 19, 2023. Consequently, Accretion Acquisition Corp. plans to redeem all its outstanding common stock, effective around December 26, 2023, due to its inability to complete an initial business combination within the stipulated timeframe defined by its amended and restated certificate of incorporation.
In accordance with the company's charter, the following steps will be undertaken if the business combination isn't completed by December 25, 2023: ceasing all operations except for winding up, redeeming 100% of the public shares at a per-share price (payable in cash), and proceeding with company dissolution and liquidation. All these steps are subject to the requirements of the Delaware General Corporation Law, ensuring the claims of creditors are duly met.
The last trading day of the company's common stock is anticipated to be December 22, 2023. Post this date, the public shares will be suspended from trading and deemed canceled, with holders entitled to receive the redemption amount. Importantly, beneficial owners of public shares held in 'street name' need not take any action to secure the redemption amount.
Accretion Acquisition Corp. has clarified that there will be no redemption rights or liquidating distributions for the company's warrants or rights. The initial stockholders have waived their redemption rights concerning the shares issued before the initial public offering. The company expects the Nasdaq Stock Market LLC to file a Form 25 to delist its securities.
For further details, the company's recent press release includes forward-looking statements and notes the various factors that could influence actual results, as detailed in the company's filings with the SEC.
For inquiries, please contact Brad Morse at brad@fulcrumef.com.
FAQ
What is the market cap of Accretion Acquisition (ENER)?
What is Accretion Acquisition Corp.'s primary business purpose?
Why did Accretion Acquisition Corp. decide not to extend its corporate existence?
When will Accretion Acquisition Corp. redeem its outstanding shares?
What will happen to the company's public shares after December 26, 2023?
Will there be any redemption rights or liquidating distributions for the company's warrants or rights?
What actions do beneficial owners of public shares held in 'street name' need to take for redemption?
When is the last trading day for Accretion Acquisition Corp.'s common stock?
How will the company proceed if the business combination is not completed by December 25, 2023?
Who can be contacted for more information regarding Accretion Acquisition Corp.?
What factors could impact the forward-looking statements provided by Accretion Acquisition Corp.?
