Evo Acquisition Corp. Announces Intent to Liquidate

Rhea-AI Summary

Evo Acquisition Corp. announces its intention to liquidate and return funds to shareholders. The redemption price for Class A common stock is estimated to be approximately $10.12 per share.

Positive

• Evo intends to return funds to holders of its shares of Class A common stock.
• The estimated redemption price for Class A common stock is approximately $10.12 per share.

Negative

• Evo is liquidating and will no longer pursue a business combination.

Crystal Bay, Nevada, May 04, 2023 (GLOBE NEWSWIRE) --  Evo Acquisition Corp. (“Evo”) (Nasdaq: EVOJ) announced, announced today that it intends to liquidate as soon as practicable on or after May 8, 2023 and to return funds to holders of its shares of Class A common stock.

In view of the previously announced termination of Evo’s Business Combination Agreement with 20Cube Logistics Pte. Ltd. and certain other parties, the Board of Directors of Evo has determined not to further extend the deadline date in which Evo is required to consummate a business combination beyond the current expiration date, May 8, 2023.

After satisfying its liabilities for expenses and working capital loans, Evo expects to redeem all of its outstanding shares of Class A common stock for an estimated redemption price of approximately $10.12 per share (the “Redemption Amount”) after the payment of taxes and dissolution expenses. On or about the close of business on May 9, 2023, the Class A common stock will be deemed canceled and will represent only the right to receive the Redemption Amount. The Redemption Amount will be payable to the holders of Class A common stock through the facilities of Continental Stock Transfer & Trust Company, Evo’s transfer agent.

Evo expects that The Nasdaq Stock Market LLC will file a Form 25 with the Securities and Exchange Commission to delist its securities and to terminate the registration of Evo’s securities pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended. Evo thereafter expects to file a Form 15 to terminate its reporting obligations.

Additional Information and Where to Find It

Copies of the termination agreement filed by Evo with the SEC may be obtained, once available, free of charge at the SEC’s website at www.sec.gov.

Forward Looking Statements

Certain statements made in this press release and the documents incorporated by reference herein are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “target”, “believe”, “expect”, “will”, “shall”, “may”, “anticipate”, “estimate”, “would”, “positioned”, “future”, “forecast”, “intend”, “plan”, “project”, “outlook” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Examples of forward-looking statements include, among others, statements made in this press release regarding the proposed liquidating distribution to be made by Evo.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on Evo’s current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Actual results and outcomes may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

Evo cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Evo does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based, whether as a result of new information, future events, or otherwise, except as may be required by applicable law. Evo does give any assurance that it will achieve its expectations.

Contacts

Richard Chisholm
Chief Executive Officer
Evo Acquisition Corp.
info@evospac.com | (775) 624-9360 

FAQ

What is Evo Acquisition Corp. announcing?

Evo Acquisition Corp. is announcing its intention to liquidate and return funds to shareholders.

What is the estimated redemption price for Class A common stock?

The estimated redemption price for Class A common stock is approximately $10.12 per share.

Will Evo Acquisition Corp. pursue a business combination?

No, Evo Acquisition Corp. has terminated its Business Combination Agreement and will not pursue a business combination.

Where can I obtain a copy of the termination agreement filed by Evo?

Copies of the termination agreement can be obtained free of charge at the SEC's website at www.sec.gov.