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Epiphany Technology Acquisition Corp. announced its intention to dissolve and liquidate, as it cannot complete an initial business combination by the deadline. Despite initially believing it could secure a deal with an extension, the company has determined it cannot deliver a quality transaction. The decision comes amid uncertainty surrounding the Inflation Reduction Act, which imposes a new U.S. federal 1% excise tax on stock repurchases post-December 31, 2022. The company expects to hold a special meeting on December 20, 2022, to discuss the liquidation process.
On December 12, 2022, Epiphany Technology Acquisition Corp. announced it has filed a supplement to its definitive proxy statement regarding a special meeting to vote on extending the deadline for a business combination from January 12, 2023, to July 12, 2023. The company's sponsor had previously indicated intentions to provide loans of $0.04 per unredeemed public share for each month of extension, but on the same day, the sponsor confirmed that it would not make these loans. Consequently, no additional deposits will be made to the company’s trust account.
Epiphany Technology Acquisition Corp. (NASDAQ: EPHY) received a notice from Nasdaq for failing to timely file its Quarterly Report on Form 10-Q for Q1 2021. The company cited challenges in accounting for outstanding warrants as a liability. Following the notice on May 28, 2021, EPHY has until July 27, 2021, to submit a compliance plan. If accepted, Nasdaq may grant up to 180 days to regain compliance. However, the company cannot guarantee compliance or acceptance of its plan. EPHY is focused on mergers in the technology sector.
Epiphany Technology Acquisition Corp. closed its initial public offering (IPO) on January 12, 2021, raising $402.5 million by offering 40,250,000 units at $10.00 each. The IPO included 5,250,000 additional units from an over-allotment option. Trading commenced on January 8, 2021, under the ticker symbol EPHYU. The units will later separate into Class A common stock (EPHY) and redeemable warrants (EPHYW). The Company aims for business combinations primarily in the technology sector, with significant funds placed in trust from the offering proceeds.
Epiphany Technology Acquisition Corp. announced the pricing of its initial public offering (IPO) of 35 million units at $10.00 each. Trading will start on January 8, 2021, under the ticker symbol EPHYU on Nasdaq. Each unit consists of one Class A common stock share and one-third of a redeemable warrant, with whole warrants allowing the purchase of one Class A share at $11.50. The company aims to merge with firms, focusing on technology. Cantor Fitzgerald & Co. manages the offering, with an option for underwriters to acquire an additional 5.25 million units.
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