Empowerment & Inclusion Capital I Corp. Announces It Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination

Rhea-AI Summary

Empowerment & Inclusion Capital I Corp. (NYSE: EPWR) announced plans to dissolve and liquidate due to its inability to complete a business combination by the deadline outlined in its Amended Charter. All Class A common stock will be redeemed at approximately $10.09 per share before December 31, 2022. The shares will be canceled as of December 14, 2022, leading to the termination of trading on December 13, 2022. The Company sponsor has waived redemption rights for Class B common stock, and warrants will expire worthless. A filing to delist securities from the NYSE is imminent.

Positive

• Sponsor waives redemption rights for Class B common stock.

Negative

• Inability to complete a business combination by the deadline.
• Stock is expected to be delisted from NYSE.
• Warrants will expire worthless.

NEW YORK, Nov. 29, 2022 /PRNewswire/ -- Empowerment & Inclusion Capital I Corp. (NYSE: EPWR) (the "Company") announced today that, because the Company is unable to consummate an initial business combination within the time period required by its Amended and Restated Certificate of Incorporation (the "Amended Charter"), the Company intends to dissolve and liquidate in accordance with the provisions of the Amended Charter prior to Dec. 31, 2022, and will redeem all of the outstanding shares of Class A common stock that were included in the units issued in its initial public offering (the Public Shares"), at a per-share redemption price of approximately $10.09.

As of the close of business Dec. 14, 2022, the Public Shares will be deemed cancelled and will represent only the right to receive the redemption amount.

In order to provide for the disbursement of funds from the trust account, the Company will instruct the trustee of the trust account to take all necessary actions to liquidate the assets held in the trust account.  The proceeds of the trust account will be held in a non-interest bearing account while awaiting disbursement to the holders of the Public Shares.  Record holders will receive their pro rata portion of the proceeds of the trust account by delivering their Public Shares to Continental Stock Transfer & Trust Company, the Company's transfer agent.  Beneficial owners of Public Shares held in "street name," however, will not need to take any action in order to receive the redemption amount. The redemption of the Public Shares is expected to be completed within ten business days after Dec. 14, 2022.

The Company's sponsor has agreed to waive its redemption rights with respect to its outstanding Class B common stock issued prior to the Company's initial public offering. There will be no redemption rights or liquidating distributions with respect to the Company's warrants, which will expire worthless.

The Company expects that the New York Stock Exchange will file a Form 25 with the United States Securities and Exchange Commission (the "SEC") to delist the Company's securities. The Company thereafter expects to file a Form 15 with the SEC to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended. The Company anticipates that the Public Shares will cease trading as of the close of business Dec. 13, 2022.

Cautionary Note Concerning 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 for the fiscal year ended Dec. 31, 2021, filed with the SEC on March 9, 2022, and subsequent reports filed with the SEC, as amended from time to time. Copies of these documents 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

MEDIA :
Tim Miller
(412) 762-4550
media.relations@pnc.com

OTHER INQUIRIES :
(212) 468-8655

View original content:https://www.prnewswire.com/news-releases/empowerment--inclusion-capital-i-corp-announces-it-will-redeem-its-public-shares-and-will-not-consummate-an-initial-business-combination-301689351.html

SOURCE Empowerment & Inclusion Capital I Corp.

FAQ

What is the plan for EPWR after the dissolution announcement?

EPWR intends to redeem all Class A common stock at approximately $10.09 per share and liquidate its assets.

When will EPWR cease trading on the NYSE?

EPWR shares are anticipated to cease trading by the close of business on December 13, 2022.

What will happen to the warrants issued by EPWR?

The warrants will expire worthless and will not be eligible for redemption or liquidating distributions.

Who will receive the redemption amount for EPWR's shares?

Record holders must deliver their Public Shares to receive the redemption amount, whereas beneficial owners in street name do not need to take any action.

What are the next steps for EPWR regarding regulatory filings?

EPWR will file Form 25 with the SEC to delist its securities and then file Form 15 to terminate the registration of its securities.