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SOAR Technology Acquisition Corp. (NYSE: FLYA) announced it cannot complete a business combination by March 30, 2023, leading to plans for dissolution and liquidation on December 20, 2022. The outstanding Class A ordinary shares will be redeemed at approximately $10.42 each. Despite efforts to find a business partner, market dynamics hindered progress. The company's sponsor will waive redemption rights for Class B shares, while warrants will expire worthless. The NYSE will initiate delisting procedures and the company will file to terminate its securities registration.
SOAR Technology Acquisition Corp. (FLYA) has announced an extension for completing its initial business combination by three months, moving the deadline from December 20, 2022, to March 20, 2023. The company's sponsor will deposit $2,300,000, equating to $0.10 per public share, into the trust account for public shareholders by the December 20 deadline. This extension indicates commitment to find a suitable acquisition target, reflecting a strategic move in the tech-enabled industry.
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