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E.Merge Technology Acquisition Corp. (NASDAQ: ETAC) announced its decision to dissolve and liquidate due to the failure to finalize a business combination by the deadline set in its Amended Charter. This process will be effective from September 4, 2022, with shareholders receiving an approximate redemption price of $10.06 per share. The trust account will be liquidated to facilitate these redemptions, which are anticipated to be completed within ten business days post the liquidation date. The company’s sponsor has waived redemption rights for its Class B shares.
E.Merge Technology Acquisition Corp. has expanded its Board from five to seven directors, electing Benjamin Reitzes and Morgan Hermand as independent directors. The Company is a blank check entity aiming for mergers or acquisitions, particularly in the software and internet technology sectors. The Board is chaired by S. Steven Singh, with Jeff Clarke and Guy Gecht serving as Co-CEOs. This strategic move may enhance governance and oversight as the Company prepares for future business combinations.
E.Merge Technology Acquisition Corp. (NASDAQ: ETAC) announced on June 17, 2022, that the expected redemption price for public shares held in its trust account is projected to be approximately $10.01 at the upcoming Special Meeting on June 28, 2022. This is a slight decrease from the previously reported $10.03. At the meeting, stockholders will vote on extending the deadline for the company to complete its first business combination from August 4 to November 4, 2022. The company has also submitted a Supplement to the Proxy Statement to inform stockholders of this updated redemption price.
E.Merge Technology Acquisition Corp. (NASDAQ: ETAC) announced it received a notice from Nasdaq regarding its failure to timely file its Quarterly Report on Form 10-Q for Q1 2021. The Company indicated that the delay was due to reassessing the accounting of outstanding warrants as liabilities, leading to complications in financial reporting. They have until July 27, 2021, to submit a compliance plan to Nasdaq, which could provide an extension of up to 180 days. However, there is no guarantee that Nasdaq will accept this plan or that compliance will be regained.
E.Merge Technology Acquisition Corp. (Nasdaq: ETACU) has completed the issuance of an additional 7,800,000 units, raising gross proceeds of $78,000,000. This brings the total gross proceeds from its IPO to $600,000,000. Each unit consists of one share of Class A common stock and one-third of a redeemable warrant, with the warrants allowing the purchase of stock at $11.50 per share. The company focuses on mergers and acquisitions in the software and internet technology sectors, with leadership from S. Steven Singh, Jeff Clarke, and Guy Gecht.
E.Merge Technology Acquisition Corp. announced the pricing of its initial public offering (IPO) of 52,200,000 units at $10.00 each, set to trade on Nasdaq under the symbol 'ETACU' starting July 31, 2020. Each unit includes one share of Class A common stock and one-third of a redeemable warrant, allowing the purchase of Class A stock at $11.50 per share. The company, focused on software and internet technology industries, is led by S. Steven Singh, Jeff Clarke, and Guy Gecht. Cantor Fitzgerald & Co. and Mizuho Securities USA LLC are the joint book running managers of this offering.
